Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $67,735
- Funds due
- $78,950
- Interest + MI left
- $159,203
- First ends
- Jul 2051
Assumption
Assumption + second
$2,474/mo
+$257/mo- Down payment
- $35,735
- Funds due
- $48,216
- Interest + MI left
- $219,895
- First ends
- Jul 2051
New loan
New conventional
$2,870/mo
+$653/mo- Down payment
- $35,735
- Funds due
- $44,873
- Interest + MI left
- $476,541
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,265 | $282,265 | $314,265 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,359.49 | $1,359.49 | $2,175.91 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $226.66 | $226.66 | $62.85 |
| Taxes, insurance & HOA | $630.83 | $630.83 | $630.83 |
| Total housing payment | $2,216.99 | $2,474.47 | $2,869.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,735
Closing costs & prepaids$12,481
Usable credit−$0
Total buyer cash needed$48,216
Earnest money paid−$0
Remaining funds due$48,216
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$479.50
Initial HOA (3 months)$963.00
Prepaid interest, first (2 days)$47.33
Prepaid interest, second (2 days)$15.78
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$49,276Through Nov 2026
Assumption only · ends Jul 2051$159,203
Assumption + second · ends Jul 2051, second Dec 2056$219,895
New conventional · ends Dec 2056$476,541