Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,962/mo
Lowest payment- Down payment
- $160,300
- Funds due
- $171,698
- Interest + MI left
- $146,742
- First ends
- Jan 2051
Assumption
Assumption + second
$2,820/mo
+$859/mo- Down payment
- $43,300
- Funds due
- $55,973
- Interest + MI left
- $338,803
- First ends
- Jan 2051
New loan
New conventional
$3,188/mo
+$1,226/mo- Down payment
- $43,300
- Funds due
- $52,521
- Interest + MI left
- $586,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,600 | $269,600 | $386,600 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,308.14 | $1,308.14 | $2,676.74 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $219.78 | $219.78 | $77.32 |
| Taxes, insurance & HOA | $433.92 | $433.92 | $433.92 |
| Total housing payment | $1,961.83 | $2,820.34 | $3,187.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,300
Closing costs & prepaids$12,674
Usable credit−$0
Total buyer cash needed$55,973
Earnest money paid−$0
Remaining funds due$55,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$356.75
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$22.16
Prepaid interest, second (1 days)$25.64
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 2 moOf the original 30-year loan at 3.000%
Interest already paid$50,894Through Nov 2026
Assumption only · ends Jan 2051$146,742
Assumption + second · ends Jan 2051, second Dec 2056$338,803
New conventional · ends Dec 2056$586,305