Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,667/mo
Lowest payment- Down payment
- $112,689
- Funds due
- $125,542
- Interest + MI left
- $192,790
- First ends
- Oct 2051
Assumption
Assumption + second
$3,190/mo
+$523/mo- Down payment
- $47,689
- Funds due
- $61,824
- Interest + MI left
- $316,072
- First ends
- Oct 2051
New loan
New conventional
$3,712/mo
+$1,045/mo- Down payment
- $47,689
- Funds due
- $58,379
- Interest + MI left
- $638,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,311 | $356,311 | $421,311 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,671.32 | $1,671.32 | $2,917.07 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $285.16 | $285.16 | $84.26 |
| Taxes, insurance & HOA | $710.50 | $710.50 | $710.50 |
| Total housing payment | $2,666.98 | $3,189.98 | $3,711.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,689
Closing costs & prepaids$14,135
Usable credit−$0
Total buyer cash needed$61,824
Earnest money paid−$0
Remaining funds due$61,824
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$1,172.50
Initial HOA (3 months)$459.00
Prepaid interest, first (2 days)$56.23
Prepaid interest, second (2 days)$32.05
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 2.880%
Interest already paid$55,688Through Nov 2026
Assumption only · ends Oct 2051$192,790
Assumption + second · ends Oct 2051, second Dec 2056$316,072
New conventional · ends Dec 2056$638,862