Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,965/mo
Lowest payment- Down payment
- $188,353
- Funds due
- $202,792
- Interest + MI left
- $195,173
- First ends
- Sep 2051
Assumption
Assumption + second
$3,948/mo
+$983/mo- Down payment
- $54,353
- Funds due
- $70,071
- Interest + MI left
- $415,141
- First ends
- Sep 2051
New loan
New conventional
$4,471/mo
+$1,507/mo- Down payment
- $54,353
- Funds due
- $66,518
- Interest + MI left
- $736,516
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,647 | $351,647 | $485,647 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,671.42 | $1,671.42 | $3,362.52 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $281.53 | $281.53 | $97.13 |
| Taxes, insurance & HOA | $1,011.67 | $1,011.67 | $1,011.67 |
| Total housing payment | $2,964.62 | $3,947.86 | $4,471.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,353
Closing costs & prepaids$15,718
Usable credit−$0
Total buyer cash needed$70,071
Earnest money paid−$0
Remaining funds due$70,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$1,350.00
Initial HOA (3 months)$1,185.00
Prepaid interest, first (1 days)$28.71
Prepaid interest, second (1 days)$29.37
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 2.980%
Interest already paid$57,816Through Nov 2026
Assumption only · ends Sep 2051$195,173
Assumption + second · ends Sep 2051, second Dec 2056$415,141
New conventional · ends Dec 2056$736,516