Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $55,917
- Funds due
- $66,580
- Interest + MI left
- $172,304
- First ends
- Jan 2051
Assumption
Assumption + second
$2,548/mo
+$377/mo- Down payment
- $18,917
- Funds due
- $30,842
- Interest + MI left
- $271,035
- First ends
- Jan 2051
New loan
New conventional
$2,884/mo
+$713/mo- Down payment
- $18,917
- Funds due
- $27,635
- Interest + MI left
- $532,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,073 | $313,073 | $350,073 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,525.55 | $1,525.55 | $2,423.83 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $255.00 | $255.00 | $70.01 |
| Taxes, insurance & HOA | $390.42 | $390.42 | $390.42 |
| Total housing payment | $2,170.97 | $2,548.00 | $2,884.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,917
Closing costs & prepaids$11,924
Usable credit−$0
Total buyer cash needed$30,842
Earnest money paid−$0
Remaining funds due$30,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,689.90
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)$448.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$26.08
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 2 moOf the original 30-year loan at 3.040%
Interest already paid$59,861Through Nov 2026
Assumption only · ends Jan 2051$172,304
Assumption + second · ends Jan 2051, second Dec 2056$271,035
New conventional · ends Dec 2056$532,730