Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,260/mo
Lowest payment- Down payment
- $137,031
- Funds due
- $149,113
- Interest + MI left
- $159,499
- First ends
- Sep 2051
Assumption
Assumption + second
$3,049/mo
+$789/mo- Down payment
- $39,031
- Funds due
- $52,387
- Interest + MI left
- $345,370
- First ends
- Sep 2051
New loan
New conventional
$3,291/mo
+$1,031/mo- Down payment
- $39,031
- Funds due
- $48,969
- Interest + MI left
- $530,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,969 | $251,969 | $349,969 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,262.67 | $1,262.67 | $2,423.11 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $199.92 | $199.92 | $69.99 |
| Taxes, insurance & HOA | $797.58 | $797.58 | $797.58 |
| Total housing payment | $2,260.18 | $3,048.71 | $3,290.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,031
Closing costs & prepaids$13,356
Usable credit−$0
Total buyer cash needed$52,387
Earnest money paid−$0
Remaining funds due$52,387
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)$682.75
Initial HOA (3 months)$1,260.00
Prepaid interest, first (1 days)$23.95
Prepaid interest, second (1 days)$24.16
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 10 moOf the original 30-year loan at 3.470%
Interest already paid$48,012Through Nov 2026
Assumption only · ends Sep 2051$159,499
Assumption + second · ends Sep 2051, second Dec 2056$345,370
New conventional · ends Dec 2056$530,752