Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $149,541
- Funds due
- $160,411
- Interest + MI left
- $132,906
- First ends
- Sep 2051
Assumption
Assumption + second
$2,526/mo
+$807/mo- Down payment
- $39,541
- Funds due
- $51,710
- Interest + MI left
- $313,477
- First ends
- Sep 2051
New loan
New conventional
$2,878/mo
+$1,160/mo- Down payment
- $39,541
- Funds due
- $48,318
- Interest + MI left
- $529,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,459 | $239,459 | $349,459 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,138.18 | $1,138.18 | $2,419.58 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $191.71 | $191.71 | $69.89 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $1,718.56 | $2,525.70 | $2,878.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,541
Closing costs & prepaids$12,168
Usable credit−$0
Total buyer cash needed$51,710
Earnest money paid−$0
Remaining funds due$51,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$464.00
Initial HOA (3 months)$252.00
Prepaid interest, first (2 days)$39.10
Prepaid interest, second (2 days)$48.22
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$39,370Through Nov 2026
Assumption only · ends Sep 2051$132,906
Assumption + second · ends Sep 2051, second Dec 2056$313,477
New conventional · ends Dec 2056$529,908