Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,578/mo
Lowest payment- Down payment
- $117,708
- Funds due
- $127,891
- Interest + MI left
- $128,200
- First ends
- Sep 2051
Assumption
Assumption + second
$2,238/mo
+$660/mo- Down payment
- $35,708
- Funds due
- $47,182
- Interest + MI left
- $283,725
- First ends
- Sep 2051
New loan
New conventional
$2,529/mo
+$951/mo- Down payment
- $35,708
- Funds due
- $43,824
- Interest + MI left
- $476,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,292 | $232,292 | $314,292 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,101.70 | $1,101.70 | $2,176.09 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $186.05 | $186.05 | $62.86 |
| Taxes, insurance & HOA | $290.16 | $290.16 | $290.16 |
| Total housing payment | $1,577.91 | $2,237.70 | $2,529.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,708
Closing costs & prepaids$11,474
Usable credit−$0
Total buyer cash needed$47,182
Earnest money paid−$0
Remaining funds due$47,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$350.50
Initial HOA (3 months)$69.99
Prepaid interest, first (2 days)$37.68
Prepaid interest, second (2 days)$40.44
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 10 moOf the original 30-year loan at 2.960%
Interest already paid$37,943Through Nov 2026
Assumption only · ends Sep 2051$128,200
Assumption + second · ends Sep 2051, second Dec 2056$283,725
New conventional · ends Dec 2056$476,582