Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,092/mo
Lowest payment- Down payment
- $74,292
- Funds due
- $85,620
- Interest + MI left
- $125,218
- First ends
- Sep 2051
Assumption
Assumption + second
$2,446/mo
+$354/mo- Down payment
- $30,292
- Funds due
- $42,891
- Interest + MI left
- $208,671
- First ends
- Sep 2051
New loan
New conventional
$2,760/mo
+$668/mo- Down payment
- $30,292
- Funds due
- $39,589
- Interest + MI left
- $408,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,608 | $225,608 | $269,608 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,072.34 | $1,072.34 | $1,866.71 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $180.63 | $180.63 | $53.92 |
| Taxes, insurance & HOA | $838.92 | $838.92 | $838.92 |
| Total housing payment | $2,091.88 | $2,445.92 | $2,759.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,292
Closing costs & prepaids$12,599
Usable credit−$0
Total buyer cash needed$42,891
Earnest money paid−$0
Remaining funds due$42,891
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$749.75
Initial HOA (3 months)$1,317.00
Prepaid interest, first (2 days)$36.84
Prepaid interest, second (2 days)$21.70
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 2.980%
Interest already paid$37,093Through Nov 2026
Assumption only · ends Sep 2051$125,218
Assumption + second · ends Sep 2051, second Dec 2056$208,671
New conventional · ends Dec 2056$408,825