Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $147,703
- Funds due
- $159,180
- Interest + MI left
- $122,300
- First ends
- Aug 2051
Assumption
Assumption + second
$2,704/mo
+$807/mo- Down payment
- $37,703
- Funds due
- $50,454
- Interest + MI left
- $302,871
- First ends
- Aug 2051
New loan
New conventional
$3,029/mo
+$1,132/mo- Down payment
- $37,703
- Funds due
- $47,052
- Interest + MI left
- $503,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,296 | $222,296 | $332,296 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,056.70 | $1,056.70 | $2,300.75 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $178.45 | $178.45 | $66.46 |
| Taxes, insurance & HOA | $661.33 | $661.33 | $661.33 |
| Total housing payment | $1,896.48 | $2,703.62 | $3,028.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,703
Closing costs & prepaids$12,751
Usable credit−$0
Total buyer cash needed$50,454
Earnest money paid−$0
Remaining funds due$50,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$544.00
Initial HOA (3 months)$990.00
Prepaid interest, first (1 days)$18.03
Prepaid interest, second (1 days)$24.11
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$36,943Through Nov 2026
Assumption only · ends Aug 2051$122,300
Assumption + second · ends Aug 2051, second Dec 2056$302,871
New conventional · ends Dec 2056$503,883