Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $134,823
- Funds due
- $145,947
- Interest + MI left
- $140,396
- First ends
- Jul 2051
Assumption
Assumption + second
$2,666/mo
+$772/mo- Down payment
- $38,823
- Funds due
- $51,221
- Interest + MI left
- $322,474
- First ends
- Jul 2051
New loan
New conventional
$2,936/mo
+$1,043/mo- Down payment
- $38,823
- Funds due
- $47,807
- Interest + MI left
- $515,833
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,177 | $244,177 | $340,177 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,184.97 | $1,184.97 | $2,355.32 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $195.81 | $195.81 | $68.04 |
| Taxes, insurance & HOA | $512.91 | $512.91 | $512.91 |
| Total housing payment | $1,893.70 | $2,666.14 | $2,936.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,823
Closing costs & prepaids$12,398
Usable credit−$0
Total buyer cash needed$51,221
Earnest money paid−$0
Remaining funds due$51,221
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$838.75
Initial HOA (3 months)$249.99
Prepaid interest, first (1 days)$20.94
Prepaid interest, second (1 days)$23.67
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 8 moOf the original 30-year loan at 3.130%
Interest already paid$43,571Through Nov 2026
Assumption only · ends Jul 2051$140,396
Assumption + second · ends Jul 2051, second Dec 2056$322,474
New conventional · ends Dec 2056$515,833