Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $86,806
- Funds due
- $97,436
- Interest + MI left
- $117,017
- First ends
- Aug 2051
Assumption
Assumption + second
$2,241/mo
+$451/mo- Down payment
- $30,806
- Funds due
- $42,714
- Interest + MI left
- $223,229
- First ends
- Aug 2051
New loan
New conventional
$2,523/mo
+$732/mo- Down payment
- $30,806
- Funds due
- $39,403
- Interest + MI left
- $407,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,693 | $212,693 | $268,693 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,011.05 | $1,011.05 | $1,860.38 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $170.74 | $170.74 | $53.74 |
| Taxes, insurance & HOA | $608.58 | $608.58 | $608.58 |
| Total housing payment | $1,790.37 | $2,240.96 | $2,522.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,806
Closing costs & prepaids$11,908
Usable credit−$0
Total buyer cash needed$42,714
Earnest money paid−$0
Remaining funds due$42,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,994.99
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)$1,350.75
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$34.50
Prepaid interest, second (2 days)$27.62
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$35,347Through Nov 2026
Assumption only · ends Aug 2051$117,017
Assumption + second · ends Aug 2051, second Dec 2056$223,229
New conventional · ends Dec 2056$407,384