Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,966/mo
Lowest payment- Down payment
- $100,305
- Funds due
- $111,165
- Interest + MI left
- $153,595
- First ends
- Oct 2051
Assumption
Assumption + second
$2,457/mo
+$491/mo- Down payment
- $39,305
- Funds due
- $51,430
- Interest + MI left
- $269,290
- First ends
- Oct 2051
New loan
New conventional
$2,867/mo
+$901/mo- Down payment
- $39,305
- Funds due
- $48,019
- Interest + MI left
- $524,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,695 | $284,695 | $345,695 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,333.93 | $1,333.93 | $2,393.52 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $227.88 | $227.88 | $69.14 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $1,965.82 | $2,456.64 | $2,866.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,305
Closing costs & prepaids$12,124
Usable credit−$0
Total buyer cash needed$51,430
Earnest money paid−$0
Remaining funds due$51,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$580.00
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$22.39
Prepaid interest, second (1 days)$15.04
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$44,345Through Nov 2026
Assumption only · ends Oct 2051$153,595
Assumption + second · ends Oct 2051, second Dec 2056$269,290
New conventional · ends Dec 2056$524,201