Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,990/mo
Lowest payment- Down payment
- $94,777
- Funds due
- $105,716
- Interest + MI left
- $145,029
- First ends
- Jun 2051
Assumption
Assumption + second
$2,465/mo
+$475/mo- Down payment
- $35,777
- Funds due
- $47,981
- Interest + MI left
- $256,931
- First ends
- Jun 2051
New loan
New conventional
$2,786/mo
+$796/mo- Down payment
- $35,777
- Funds due
- $44,601
- Interest + MI left
- $476,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,123 | $255,123 | $314,123 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,236.88 | $1,236.88 | $2,174.92 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $205.17 | $205.17 | $62.82 |
| Taxes, insurance & HOA | $547.91 | $547.91 | $547.91 |
| Total housing payment | $1,989.96 | $2,464.69 | $2,785.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,777
Closing costs & prepaids$12,204
Usable credit−$0
Total buyer cash needed$47,981
Earnest money paid−$0
Remaining funds due$47,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$1,037.50
Initial HOA (3 months)$156.24
Prepaid interest, first (1 days)$21.67
Prepaid interest, second (1 days)$14.55
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 3.100%
Interest already paid$45,864Through Nov 2026
Assumption only · ends Jun 2051$145,029
Assumption + second · ends Jun 2051, second Dec 2056$256,931
New conventional · ends Dec 2056$476,326