Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,200/mo
Lowest payment- Down payment
- $147,011
- Funds due
- $159,296
- Interest + MI left
- $133,868
- First ends
- Oct 2051
Assumption
Assumption + second
$2,985/mo
+$785/mo- Down payment
- $40,011
- Funds due
- $53,593
- Interest + MI left
- $309,514
- First ends
- Oct 2051
New loan
New conventional
$3,362/mo
+$1,161/mo- Down payment
- $40,011
- Funds due
- $50,200
- Interest + MI left
- $535,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,989 | $245,989 | $352,989 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,156.38 | $1,156.38 | $2,444.02 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $196.79 | $196.79 | $70.60 |
| Taxes, insurance & HOA | $846.92 | $846.92 | $846.92 |
| Total housing payment | $2,200.09 | $2,985.22 | $3,361.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,011
Closing costs & prepaids$13,582
Usable credit−$0
Total buyer cash needed$53,593
Earnest money paid−$0
Remaining funds due$53,593
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,930.00
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)$1,106.75
Initial HOA (3 months)$984.00
Prepaid interest, first (2 days)$39.09
Prepaid interest, second (2 days)$46.90
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$38,705Through Nov 2026
Assumption only · ends Oct 2051$133,868
Assumption + second · ends Oct 2051, second Dec 2056$309,514
New conventional · ends Dec 2056$535,261