Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,006/mo
Lowest payment- Down payment
- $165,125
- Funds due
- $176,857
- Interest + MI left
- $134,787
- First ends
- Jan 2051
Assumption
Assumption + second
$2,902/mo
+$895/mo- Down payment
- $43,125
- Funds due
- $56,161
- Interest + MI left
- $335,056
- First ends
- Jan 2051
New loan
New conventional
$3,276/mo
+$1,270/mo- Down payment
- $43,125
- Funds due
- $52,740
- Interest + MI left
- $579,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,875 | $259,875 | $381,875 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,238.23 | $1,238.23 | $2,644.03 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $212.63 | $212.63 | $76.38 |
| Taxes, insurance & HOA | $555.58 | $555.58 | $555.58 |
| Total housing payment | $2,006.45 | $2,901.64 | $3,275.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,125
Closing costs & prepaids$13,036
Usable credit−$0
Total buyer cash needed$56,161
Earnest money paid−$0
Remaining funds due$56,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,039.75
Initial HOA (3 months)$177.00
Prepaid interest, first (2 days)$40.30
Prepaid interest, second (2 days)$53.48
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$46,367Through Nov 2026
Assumption only · ends Jan 2051$134,787
Assumption + second · ends Jan 2051, second Dec 2056$335,056
New conventional · ends Dec 2056$579,063