Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,593/mo
Lowest payment- Down payment
- $137,434
- Funds due
- $150,428
- Interest + MI left
- $165,157
- First ends
- Sep 2051
Assumption
Assumption + second
$3,341/mo
+$748/mo- Down payment
- $44,434
- Funds due
- $58,724
- Interest + MI left
- $341,545
- First ends
- Sep 2051
New loan
New conventional
$3,723/mo
+$1,130/mo- Down payment
- $44,434
- Funds due
- $55,294
- Interest + MI left
- $592,242
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,566 | $297,566 | $390,566 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,414.37 | $1,414.37 | $2,704.20 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $238.24 | $238.24 | $78.11 |
| Taxes, insurance & HOA | $940.42 | $940.42 | $940.42 |
| Total housing payment | $2,593.02 | $3,341.32 | $3,722.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,434
Closing costs & prepaids$14,291
Usable credit−$0
Total buyer cash needed$58,724
Earnest money paid−$0
Remaining funds due$58,724
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$1,621.25
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$48.59
Prepaid interest, second (2 days)$45.86
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 2.980%
Interest already paid$48,924Through Nov 2026
Assumption only · ends Sep 2051$165,157
Assumption + second · ends Sep 2051, second Dec 2056$341,545
New conventional · ends Dec 2056$592,242