Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,153/mo
Lowest payment- Down payment
- $164,734
- Funds due
- $176,874
- Interest + MI left
- $153,509
- First ends
- Feb 2051
Assumption
Assumption + second
$3,019/mo
+$866/mo- Down payment
- $46,734
- Funds due
- $60,176
- Interest + MI left
- $347,212
- First ends
- Feb 2051
New loan
New conventional
$3,470/mo
+$1,316/mo- Down payment
- $46,734
- Funds due
- $56,731
- Interest + MI left
- $634,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,266 | $300,266 | $418,266 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,418.06 | $1,418.06 | $2,895.99 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $245.41 | $245.41 | $83.65 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $2,153.46 | $3,019.31 | $3,469.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,734
Closing costs & prepaids$13,442
Usable credit−$0
Total buyer cash needed$60,176
Earnest money paid−$0
Remaining funds due$60,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$820.00
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$45.57
Prepaid interest, second (2 days)$51.73
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$51,654Through Nov 2026
Assumption only · ends Feb 2051$153,509
Assumption + second · ends Feb 2051, second Dec 2056$347,212
New conventional · ends Dec 2056$634,329