Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $122,308
- Funds due
- $133,913
- Interest + MI left
- $142,918
- First ends
- Oct 2051
Assumption
Assumption + second
$2,764/mo
+$676/mo- Down payment
- $38,308
- Funds due
- $51,205
- Interest + MI left
- $302,236
- First ends
- Oct 2051
New loan
New conventional
$3,093/mo
+$1,005/mo- Down payment
- $38,308
- Funds due
- $47,826
- Interest + MI left
- $516,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,692 | $256,692 | $340,692 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,217.33 | $1,217.33 | $2,358.88 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $205.05 | $205.05 | $68.14 |
| Taxes, insurance & HOA | $666.08 | $666.08 | $666.08 |
| Total housing payment | $2,088.46 | $2,764.34 | $3,093.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,308
Closing costs & prepaids$12,897
Usable credit−$0
Total buyer cash needed$51,205
Earnest money paid−$0
Remaining funds due$51,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$543.25
Initial HOA (3 months)$1,005.00
Prepaid interest, first (2 days)$41.91
Prepaid interest, second (2 days)$41.42
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 2.980%
Interest already paid$41,471Through Nov 2026
Assumption only · ends Oct 2051$142,918
Assumption + second · ends Oct 2051, second Dec 2056$302,236
New conventional · ends Dec 2056$516,614