Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
Lowest payment- Down payment
- $131,727
- Funds due
- $144,476
- Interest + MI left
- $154,905
- First ends
- Jul 2051
Assumption
Assumption + second
$3,231/mo
+$724/mo- Down payment
- $41,727
- Funds due
- $55,749
- Interest + MI left
- $325,602
- First ends
- Jul 2051
New loan
New conventional
$3,566/mo
+$1,059/mo- Down payment
- $41,727
- Funds due
- $52,310
- Interest + MI left
- $555,253
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,173 | $276,173 | $366,173 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,327.28 | $1,327.28 | $2,535.31 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $221.86 | $221.86 | $73.23 |
| Taxes, insurance & HOA | $957.33 | $957.33 | $957.33 |
| Total housing payment | $2,506.46 | $3,230.62 | $3,565.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,727
Closing costs & prepaids$14,021
Usable credit−$0
Total buyer cash needed$55,749
Earnest money paid−$0
Remaining funds due$55,749
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,079.00
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)$2,214.00
Initial HOA (3 months)$207.99
Prepaid interest, first (1 days)$23.00
Prepaid interest, second (1 days)$22.19
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 8 moOf the original 30-year loan at 3.040%
Interest already paid$47,907Through Nov 2026
Assumption only · ends Jul 2051$154,905
Assumption + second · ends Jul 2051, second Dec 2056$325,602
New conventional · ends Dec 2056$555,253