Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,183/mo
Lowest payment- Down payment
- $142,997
- Funds due
- $155,145
- Interest + MI left
- $167,754
- First ends
- Oct 2051
Assumption
Assumption + second
$2,963/mo
+$780/mo- Down payment
- $45,997
- Funds due
- $59,610
- Interest + MI left
- $351,728
- First ends
- Oct 2051
New loan
New conventional
$3,319/mo
+$1,137/mo- Down payment
- $45,997
- Funds due
- $56,388
- Interest + MI left
- $597,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,903 | $311,903 | $408,903 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,464.77 | $1,464.77 | $2,770.05 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $250.24 | $250.24 | $81.78 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $2,182.68 | $2,963.16 | $3,319.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,997
Closing costs & prepaids$13,613
Usable credit−$0
Total buyer cash needed$59,610
Earnest money paid−$0
Remaining funds due$59,610
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,549.00
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)$546.00
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$220.72
Prepaid interest, second (9 days)$215.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$49,443Through Dec 2026
Assumption only · ends Oct 2051$167,754
Assumption + second · ends Oct 2051, second Jan 2057$351,728
New conventional · ends Jan 2057$597,884