Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,087/mo
Lowest payment- Down payment
- $99,632
- Funds due
- $111,085
- Interest + MI left
- $133,514
- First ends
- Aug 2051
Assumption
Assumption + second
$2,610/mo
+$523/mo- Down payment
- $34,632
- Funds due
- $47,367
- Interest + MI left
- $256,796
- First ends
- Aug 2051
New loan
New conventional
$2,933/mo
+$846/mo- Down payment
- $34,632
- Funds due
- $44,025
- Interest + MI left
- $467,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,368 | $243,368 | $308,368 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,155.61 | $1,155.61 | $2,135.08 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $195.40 | $195.40 | $61.67 |
| Taxes, insurance & HOA | $736.33 | $736.33 | $736.33 |
| Total housing payment | $2,087.34 | $2,610.35 | $2,933.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,632
Closing costs & prepaids$12,735
Usable credit−$0
Total buyer cash needed$47,367
Earnest money paid−$0
Remaining funds due$47,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,430.00
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)$1,024.00
Initial HOA (3 months)$735.00
Prepaid interest, first (2 days)$39.34
Prepaid interest, second (2 days)$32.05
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 2.950%
Interest already paid$40,312Through Nov 2026
Assumption only · ends Aug 2051$133,514
Assumption + second · ends Aug 2051, second Dec 2056$256,796
New conventional · ends Dec 2056$467,661