Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,878/mo
Lowest payment- Down payment
- $138,008
- Funds due
- $148,960
- Interest + MI left
- $151,234
- First ends
- Jun 2051
Assumption
Assumption + second
$2,658/mo
+$780/mo- Down payment
- $41,008
- Funds due
- $53,234
- Interest + MI left
- $335,208
- First ends
- Jun 2051
New loan
New conventional
$2,980/mo
+$1,102/mo- Down payment
- $41,008
- Funds due
- $49,802
- Interest + MI left
- $559,601
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,992 | $271,992 | $368,992 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,307.33 | $1,307.33 | $2,554.83 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $219.08 | $219.08 | $73.80 |
| Taxes, insurance & HOA | $351.42 | $351.42 | $351.42 |
| Total housing payment | $1,877.83 | $2,658.32 | $2,980.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,008
Closing costs & prepaids$12,226
Usable credit−$0
Total buyer cash needed$53,234
Earnest money paid−$0
Remaining funds due$53,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$469.25
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$22.50
Prepaid interest, second (1 days)$23.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 7 moOf the original 30-year loan at 3.020%
Interest already paid$47,674Through Nov 2026
Assumption only · ends Jun 2051$151,234
Assumption + second · ends Jun 2051, second Dec 2056$335,208
New conventional · ends Dec 2056$559,601