Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $149,892
- Funds due
- $162,444
- Interest + MI left
- $107,988
- First ends
- Feb 2051
Assumption
Assumption + second
$3,046/mo
+$829/mo- Down payment
- $36,892
- Funds due
- $50,743
- Interest + MI left
- $293,484
- First ends
- Feb 2051
New loan
New conventional
$3,369/mo
+$1,152/mo- Down payment
- $36,892
- Funds due
- $47,376
- Interest + MI left
- $497,381
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,008 | $215,008 | $328,008 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,008.84 | $1,008.84 | $2,271.06 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $175.95 | $175.95 | $65.60 |
| Taxes, insurance & HOA | $1,031.92 | $1,031.92 | $1,031.92 |
| Total housing payment | $2,216.72 | $3,045.87 | $3,368.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,892
Closing costs & prepaids$13,851
Usable credit−$0
Total buyer cash needed$50,743
Earnest money paid−$0
Remaining funds due$50,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$1,769.75
Initial HOA (3 months)$876.00
Prepaid interest, first (2 days)$31.93
Prepaid interest, second (2 days)$49.53
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 3 moOf the original 30-year loan at 2.710%
Interest already paid$36,211Through Nov 2026
Assumption only · ends Feb 2051$107,988
Assumption + second · ends Feb 2051, second Dec 2056$293,484
New conventional · ends Dec 2056$497,381