Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $166,857
- Funds due
- $179,144
- Interest + MI left
- $122,049
- First ends
- Sep 2051
Assumption
Assumption + second
$3,030/mo
+$932/mo- Down payment
- $39,857
- Funds due
- $53,422
- Interest + MI left
- $330,526
- First ends
- Sep 2051
New loan
New conventional
$3,359/mo
+$1,261/mo- Down payment
- $39,857
- Funds due
- $49,999
- Interest + MI left
- $530,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,043 | $223,043 | $350,043 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,054.37 | $1,054.37 | $2,423.63 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $178.74 | $178.74 | $70.01 |
| Taxes, insurance & HOA | $865.08 | $865.08 | $865.08 |
| Total housing payment | $2,098.20 | $3,030.08 | $3,358.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,857
Closing costs & prepaids$13,565
Usable credit−$0
Total buyer cash needed$53,422
Earnest money paid−$0
Remaining funds due$53,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$1,884.25
Initial HOA (3 months)$261.00
Prepaid interest, first (1 days)$17.90
Prepaid interest, second (1 days)$27.84
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 10 moOf the original 30-year loan at 2.930%
Interest already paid$36,074Through Nov 2026
Assumption only · ends Sep 2051$122,049
Assumption + second · ends Sep 2051, second Dec 2056$330,526
New conventional · ends Dec 2056$530,794