Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,083/mo
Lowest payment- Down payment
- $171,148
- Funds due
- $183,357
- Interest + MI left
- $158,366
- First ends
- Aug 2051
Assumption
Assumption + second
$3,000/mo
+$917/mo- Down payment
- $46,148
- Funds due
- $59,853
- Interest + MI left
- $363,560
- First ends
- Aug 2051
New loan
New conventional
$3,360/mo
+$1,278/mo- Down payment
- $46,148
- Funds due
- $56,617
- Interest + MI left
- $604,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,752 | $288,752 | $413,752 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,375.75 | $1,375.75 | $2,802.90 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $232.33 | $232.33 | $82.75 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $2,082.74 | $2,999.95 | $3,360.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,148
Closing costs & prepaids$13,705
Usable credit−$0
Total buyer cash needed$59,853
Earnest money paid−$0
Remaining funds due$59,853
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$552.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$210.75
Prepaid interest, second (9 days)$246.58
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$48,811Through Dec 2026
Assumption only · ends Aug 2051$158,366
Assumption + second · ends Aug 2051, second Jan 2057$363,560
New conventional · ends Jan 2057$604,974