Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
Lowest payment- Down payment
- $168,134
- Funds due
- $181,267
- Interest + MI left
- $163,496
- First ends
- Sep 2051
Assumption
Assumption + second
$3,354/mo
+$888/mo- Down payment
- $47,134
- Funds due
- $61,570
- Interest + MI left
- $362,124
- First ends
- Sep 2051
New loan
New conventional
$3,814/mo
+$1,347/mo- Down payment
- $47,134
- Funds due
- $58,119
- Interest + MI left
- $640,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,366 | $301,366 | $422,366 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,419.95 | $1,419.95 | $2,924.38 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $241.65 | $241.65 | $84.47 |
| Taxes, insurance & HOA | $805.00 | $805.00 | $805.00 |
| Total housing payment | $2,466.59 | $3,354.45 | $3,813.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,134
Closing costs & prepaids$14,436
Usable credit−$0
Total buyer cash needed$61,570
Earnest money paid−$0
Remaining funds due$61,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,695.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,851.75
Initial HOA (3 months)$63.24
Prepaid interest, first (2 days)$47.89
Prepaid interest, second (2 days)$53.04
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 2.900%
Interest already paid$48,257Through Nov 2026
Assumption only · ends Sep 2051$163,496
Assumption + second · ends Sep 2051, second Dec 2056$362,124
New conventional · ends Dec 2056$640,546