Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $56,417
- Funds due
- $68,071
- Interest + MI left
- $146,996
- First ends
- Jun 2051
Assumption
Assumption + second
$2,764/mo
+$408/mo- Down payment
- $16,417
- Funds due
- $29,347
- Interest + MI left
- $253,732
- First ends
- Jun 2051
New loan
New conventional
$3,022/mo
+$665/mo- Down payment
- $16,417
- Funds due
- $26,184
- Interest + MI left
- $454,374
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,583 | $258,583 | $298,583 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,253.65 | $1,253.65 | $2,067.33 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $207.96 | $207.96 | $59.72 |
| Taxes, insurance & HOA | $895.00 | $895.00 | $895.00 |
| Total housing payment | $2,356.60 | $2,764.20 | $3,022.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,417
Closing costs & prepaids$12,930
Usable credit−$0
Total buyer cash needed$29,347
Earnest money paid−$0
Remaining funds due$29,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$2,210.00
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$43.92
Prepaid interest, second (2 days)$26.03
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 7 moOf the original 30-year loan at 3.100%
Interest already paid$46,486Through Nov 2026
Assumption only · ends Jun 2051$146,996
Assumption + second · ends Jun 2051, second Dec 2056$253,732
New conventional · ends Dec 2056$454,374