Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,330/mo
Lowest payment- Down payment
- $136,694
- Funds due
- $148,989
- Interest + MI left
- $181,954
- First ends
- Oct 2051
Assumption
Assumption + second
$3,046/mo
+$716/mo- Down payment
- $47,694
- Funds due
- $61,371
- Interest + MI left
- $350,756
- First ends
- Oct 2051
New loan
New conventional
$3,450/mo
+$1,120/mo- Down payment
- $47,694
- Funds due
- $58,056
- Interest + MI left
- $624,792
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,306 | $338,306 | $427,306 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,588.77 | $1,588.77 | $2,894.72 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $271.42 | $271.42 | $85.46 |
| Taxes, insurance & HOA | $470.00 | $470.00 | $470.00 |
| Total housing payment | $2,330.18 | $3,046.30 | $3,450.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,694
Closing costs & prepaids$13,676
Usable credit−$0
Total buyer cash needed$61,371
Earnest money paid−$0
Remaining funds due$61,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$339.99
Prepaid interest, first (6 days)$159.61
Prepaid interest, second (6 days)$131.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.87%
Interest already paid$53,628Through Dec 2026
Assumption only · ends Oct 2051$181,954
Assumption + second · ends Oct 2051, second Jan 2057$350,756
New conventional · ends Jan 2057$624,792