Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,591/mo
Lowest payment- Down payment
- $114,339
- Funds due
- $124,578
- Interest + MI left
- $115,040
- First ends
- Mar 2051
Assumption
Assumption + second
$2,226/mo
+$636/mo- Down payment
- $35,339
- Funds due
- $46,867
- Interest + MI left
- $264,874
- First ends
- Mar 2051
New loan
New conventional
$2,532/mo
+$941/mo- Down payment
- $35,339
- Funds due
- $43,516
- Interest + MI left
- $469,181
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,411 | $230,411 | $309,411 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,074.99 | $1,074.99 | $2,142.30 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $188.22 | $188.22 | $61.88 |
| Taxes, insurance & HOA | $327.33 | $327.33 | $327.33 |
| Total housing payment | $1,590.55 | $2,226.20 | $2,531.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,339
Closing costs & prepaids$11,527
Usable credit−$0
Total buyer cash needed$46,867
Earnest money paid−$0
Remaining funds due$46,867
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,447.50
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)$232.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$33.84
Prepaid interest, second (2 days)$38.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 2.680%
Interest already paid$37,781Through Nov 2026
Assumption only · ends Mar 2051$115,040
Assumption + second · ends Mar 2051, second Dec 2056$264,874
New conventional · ends Dec 2056$469,181