Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,495/mo
Lowest payment- Down payment
- $178,584
- Funds due
- $189,415
- Interest + MI left
- $104,050
- First ends
- Sep 2051
Assumption
Assumption + second
$2,537/mo
+$1,042/mo- Down payment
- $36,584
- Funds due
- $48,727
- Interest + MI left
- $337,151
- First ends
- Sep 2051
New loan
New conventional
$2,798/mo
+$1,302/mo- Down payment
- $36,584
- Funds due
- $45,351
- Interest + MI left
- $498,065
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,416 | $186,416 | $328,416 |
| Second mortgage | — | $142,000 | — |
| First P&I | $887.99 | $887.99 | $2,273.89 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $149.19 | $149.19 | $65.68 |
| Taxes, insurance & HOA | $458.17 | $458.17 | $458.17 |
| Total housing payment | $1,495.35 | $2,537.29 | $2,797.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,584
Closing costs & prepaids$12,142
Usable credit−$0
Total buyer cash needed$48,727
Earnest money paid−$0
Remaining funds due$48,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$720.50
Initial HOA (3 months)$204.00
Prepaid interest, first (2 days)$30.64
Prepaid interest, second (2 days)$62.25
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 10 moOf the original 30-year loan at 3.000%
Interest already paid$30,849Through Nov 2026
Assumption only · ends Sep 2051$104,050
Assumption + second · ends Sep 2051, second Dec 2056$337,151
New conventional · ends Dec 2056$498,065