Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,362/mo
Lowest payment- Down payment
- $155,700
- Funds due
- $168,245
- Interest + MI left
- $177,660
- First ends
- Oct 2051
Assumption
Assumption + second
$3,148/mo
+$785/mo- Down payment
- $48,700
- Funds due
- $62,542
- Interest + MI left
- $353,306
- First ends
- Oct 2051
New loan
New conventional
$3,664/mo
+$1,302/mo- Down payment
- $48,700
- Funds due
- $59,083
- Interest + MI left
- $661,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,300 | $329,300 | $436,300 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,542.92 | $1,542.92 | $3,020.85 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $263.59 | $263.59 | $87.26 |
| Taxes, insurance & HOA | $555.92 | $555.92 | $555.92 |
| Total housing payment | $2,362.43 | $3,147.56 | $3,664.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,700
Closing costs & prepaids$13,841
Usable credit−$0
Total buyer cash needed$62,542
Earnest money paid−$0
Remaining funds due$62,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$867.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$51.79
Prepaid interest, second (2 days)$46.90
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$51,293Through Nov 2026
Assumption only · ends Oct 2051$177,660
Assumption + second · ends Oct 2051, second Dec 2056$353,306
New conventional · ends Dec 2056$661,678