Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,208/mo
Lowest payment- Down payment
- $164,848
- Funds due
- $177,102
- Interest + MI left
- $141,944
- First ends
- Mar 2051
Assumption
Assumption + second
$3,081/mo
+$873/mo- Down payment
- $45,848
- Funds due
- $59,404
- Interest + MI left
- $337,289
- First ends
- Mar 2051
New loan
New conventional
$3,525/mo
+$1,317/mo- Down payment
- $45,848
- Funds due
- $55,966
- Interest + MI left
- $612,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,152 | $285,152 | $404,152 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,328.94 | $1,328.94 | $2,798.27 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $232.99 | $232.99 | $80.83 |
| Taxes, insurance & HOA | $645.75 | $645.75 | $645.75 |
| Total housing payment | $2,207.69 | $3,080.87 | $3,524.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,848
Closing costs & prepaids$13,556
Usable credit−$0
Total buyer cash needed$59,404
Earnest money paid−$0
Remaining funds due$59,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,478.50
Initial HOA (3 months)$8.76
Prepaid interest, first (2 days)$41.72
Prepaid interest, second (2 days)$52.16
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$46,588Through Nov 2026
Assumption only · ends Mar 2051$141,944
Assumption + second · ends Mar 2051, second Dec 2056$337,289
New conventional · ends Dec 2056$612,843