Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,963/mo
Lowest payment- Down payment
- $78,062
- Funds due
- $88,921
- Interest + MI left
- $131,844
- First ends
- Jun 2051
Assumption
Assumption + second
$2,342/mo
+$378/mo- Down payment
- $31,062
- Funds due
- $43,183
- Interest + MI left
- $220,986
- First ends
- Jun 2051
New loan
New conventional
$2,623/mo
+$660/mo- Down payment
- $31,062
- Funds due
- $39,846
- Interest + MI left
- $415,391
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,938 | $226,938 | $273,938 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,109.73 | $1,109.73 | $1,896.69 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $182.22 | $182.22 | $54.79 |
| Taxes, insurance & HOA | $671.50 | $671.50 | $671.50 |
| Total housing payment | $1,963.45 | $2,341.62 | $2,622.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,062
Closing costs & prepaids$12,121
Usable credit−$0
Total buyer cash needed$43,183
Earnest money paid−$0
Remaining funds due$43,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$1,276.50
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$19.77
Prepaid interest, second (1 days)$11.59
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 7 moOf the original 30-year loan at 3.180%
Interest already paid$41,816Through Nov 2026
Assumption only · ends Jun 2051$131,844
Assumption + second · ends Jun 2051, second Dec 2056$220,986
New conventional · ends Dec 2056$415,391