Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $51,964
- Funds due
- $61,761
- Interest + MI left
- $126,566
- First ends
- Sep 2051
Assumption
Assumption + second
$2,045/mo
+$377/mo- Down payment
- $14,964
- Funds due
- $26,023
- Interest + MI left
- $225,297
- First ends
- Sep 2051
New loan
New conventional
$2,289/mo
+$622/mo- Down payment
- $14,964
- Funds due
- $22,846
- Interest + MI left
- $403,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,036 | $228,036 | $265,036 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,083.88 | $1,083.88 | $1,835.06 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $182.57 | $182.57 | $53.01 |
| Taxes, insurance & HOA | $401.08 | $401.08 | $401.08 |
| Total housing payment | $1,667.53 | $2,044.56 | $2,289.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,964
Closing costs & prepaids$11,059
Usable credit−$0
Total buyer cash needed$26,023
Earnest money paid−$0
Remaining funds due$26,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$249.25
Initial HOA (3 months)$504.00
Prepaid interest, first (1 days)$18.62
Prepaid interest, second (1 days)$12.04
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$37,492Through Nov 2026
Assumption only · ends Sep 2051$126,566
Assumption + second · ends Sep 2051, second Dec 2056$225,297
New conventional · ends Dec 2056$403,270