Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,016/mo
Lowest payment- Down payment
- $114,611
- Funds due
- $125,966
- Interest + MI left
- $134,582
- First ends
- Sep 2051
Assumption
Assumption + second
$2,635/mo
+$620/mo- Down payment
- $37,611
- Funds due
- $50,235
- Interest + MI left
- $280,623
- First ends
- Sep 2051
New loan
New conventional
$2,988/mo
+$973/mo- Down payment
- $37,611
- Funds due
- $46,838
- Interest + MI left
- $504,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,389 | $255,389 | $332,389 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,190.18 | $1,190.18 | $2,301.39 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $205.17 | $205.17 | $66.48 |
| Taxes, insurance & HOA | $620.25 | $620.25 | $620.25 |
| Total housing payment | $2,015.61 | $2,635.17 | $2,988.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,611
Closing costs & prepaids$12,624
Usable credit−$0
Total buyer cash needed$50,235
Earnest money paid−$0
Remaining funds due$50,235
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$1,318.75
Initial HOA (3 months)$92.01
Prepaid interest, first (1 days)$19.59
Prepaid interest, second (1 days)$18.99
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 10 moOf the original 30-year loan at 2.800%
Interest already paid$39,525Through Nov 2026
Assumption only · ends Sep 2051$134,582
Assumption + second · ends Sep 2051, second Dec 2056$280,623
New conventional · ends Dec 2056$504,024