Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,513/mo
Lowest payment- Down payment
- $158,126
- Funds due
- $171,484
- Interest + MI left
- $120,396
- First ends
- Mar 2051
Assumption
Assumption + second
$3,379/mo
+$866/mo- Down payment
- $40,126
- Funds due
- $54,759
- Interest + MI left
- $314,099
- First ends
- Mar 2051
New loan
New conventional
$3,752/mo
+$1,239/mo- Down payment
- $40,126
- Funds due
- $51,337
- Interest + MI left
- $545,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,864 | $241,864 | $359,864 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,127.20 | $1,127.20 | $2,491.63 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $197.62 | $197.62 | $71.97 |
| Taxes, insurance & HOA | $1,188.25 | $1,188.25 | $1,188.25 |
| Total housing payment | $2,513.07 | $3,378.91 | $3,751.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,126
Closing costs & prepaids$14,633
Usable credit−$0
Total buyer cash needed$54,759
Earnest money paid−$0
Remaining funds due$54,759
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,659.75
Initial HOA (3 months)$1,455.00
Prepaid interest, first (1 days)$17.69
Prepaid interest, second (1 days)$25.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 2.670%
Interest already paid$39,515Through Nov 2026
Assumption only · ends Mar 2051$120,396
Assumption + second · ends Mar 2051, second Dec 2056$314,099
New conventional · ends Dec 2056$545,758