Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,490/mo
Lowest payment- Down payment
- $127,342
- Funds due
- $140,011
- Interest + MI left
- $155,024
- First ends
- Jul 2051
Assumption
Assumption + second
$3,182/mo
+$692/mo- Down payment
- $41,342
- Funds due
- $55,303
- Interest + MI left
- $318,135
- First ends
- Jul 2051
New loan
New conventional
$3,542/mo
+$1,052/mo- Down payment
- $41,342
- Funds due
- $51,902
- Interest + MI left
- $559,095
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,658 | $282,658 | $368,658 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,346.71 | $1,346.71 | $2,552.51 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $227.42 | $227.42 | $73.73 |
| Taxes, insurance & HOA | $916.17 | $916.17 | $916.17 |
| Total housing payment | $2,490.30 | $3,182.28 | $3,542.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,342
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$55,303
Earnest money paid−$0
Remaining funds due$55,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$2,031.50
Initial HOA (3 months)$267.00
Prepaid interest, first (2 days)$45.84
Prepaid interest, second (2 days)$42.41
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$47,781Through Nov 2026
Assumption only · ends Jul 2051$155,024
Assumption + second · ends Jul 2051, second Dec 2056$318,135
New conventional · ends Dec 2056$559,095