Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,706/mo
Lowest payment- Down payment
- $78,676
- Funds due
- $93,238
- Interest + MI left
- $273,545
- First ends
- Jun 2051
Assumption
Assumption + second
$4,195/mo
+$489/mo- Down payment
- $30,676
- Funds due
- $46,519
- Interest + MI left
- $401,628
- First ends
- Jun 2051
New loan
New conventional
$4,872/mo
+$1,166/mo- Down payment
- $30,676
- Funds due
- $43,280
- Interest + MI left
- $858,770
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,324 | $516,324 | $564,324 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,436.40 | $2,436.40 | $3,907.27 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $417.30 | $417.30 | $112.86 |
| Taxes, insurance & HOA | $852.17 | $852.17 | $852.17 |
| Total housing payment | $3,705.87 | $4,194.99 | $4,872.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,676
Closing costs & prepaids$15,843
Usable credit−$0
Total buyer cash needed$46,519
Earnest money paid−$0
Remaining funds due$46,519
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$931.50
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$80.63
Prepaid interest, second (2 days)$31.23
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 7 moOf the original 30-year loan at 2.850%
Interest already paid$85,558Through Nov 2026
Assumption only · ends Jun 2051$273,545
Assumption + second · ends Jun 2051, second Dec 2056$401,628
New conventional · ends Dec 2056$858,770