Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $138,655
- Funds due
- $149,496
- Interest + MI left
- $131,872
- First ends
- Jan 2051
Assumption
Assumption + second
$2,587/mo
+$797/mo- Down payment
- $39,655
- Funds due
- $51,770
- Interest + MI left
- $319,640
- First ends
- Jan 2051
New loan
New conventional
$2,878/mo
+$1,088/mo- Down payment
- $39,655
- Funds due
- $48,350
- Interest + MI left
- $531,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,345 | $251,345 | $350,345 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,202.74 | $1,202.74 | $2,425.72 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $205.47 | $205.47 | $70.07 |
| Taxes, insurance & HOA | $381.92 | $381.92 | $381.92 |
| Total housing payment | $1,790.13 | $2,586.70 | $2,877.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,655
Closing costs & prepaids$12,115
Usable credit−$0
Total buyer cash needed$51,770
Earnest money paid−$0
Remaining funds due$51,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$335.75
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$19.76
Prepaid interest, second (1 days)$24.41
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 2.870%
Interest already paid$45,458Through Nov 2026
Assumption only · ends Jan 2051$131,872
Assumption + second · ends Jan 2051, second Dec 2056$319,640
New conventional · ends Dec 2056$531,252