Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
Lowest payment- Down payment
- $158,605
- Funds due
- $170,903
- Interest + MI left
- $169,162
- First ends
- Nov 2051
Assumption
Assumption + second
$2,996/mo
+$814/mo- Down payment
- $47,605
- Funds due
- $61,372
- Interest + MI left
- $351,374
- First ends
- Nov 2051
New loan
New conventional
$3,431/mo
+$1,250/mo- Down payment
- $47,605
- Funds due
- $58,161
- Interest + MI left
- $624,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,295 | $316,295 | $427,295 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,477.10 | $1,477.10 | $2,894.65 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $253.32 | $253.32 | $85.46 |
| Taxes, insurance & HOA | $450.67 | $450.67 | $450.67 |
| Total housing payment | $2,181.09 | $2,995.57 | $3,430.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,605
Closing costs & prepaids$13,766
Usable credit−$0
Total buyer cash needed$61,372
Earnest money paid−$0
Remaining funds due$61,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$282.00
Prepaid interest, first (9 days)$221.49
Prepaid interest, second (9 days)$218.96
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$48,767Through Dec 2026
Assumption only · ends Nov 2051$169,162
Assumption + second · ends Nov 2051, second Jan 2057$351,374
New conventional · ends Jan 2057$624,776