Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $163,957
- Funds due
- $176,129
- Interest + MI left
- $168,418
- First ends
- Jul 2051
Assumption
Assumption + second
$2,988/mo
+$851/mo- Down payment
- $47,957
- Funds due
- $61,608
- Interest + MI left
- $358,838
- First ends
- Jul 2051
New loan
New conventional
$3,375/mo
+$1,238/mo- Down payment
- $47,957
- Funds due
- $58,376
- Interest + MI left
- $619,936
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,043 | $308,043 | $424,043 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,471.04 | $1,471.04 | $2,872.61 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $248.42 | $248.42 | $84.81 |
| Taxes, insurance & HOA | $417.50 | $417.50 | $417.50 |
| Total housing payment | $2,136.96 | $2,988.12 | $3,374.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,957
Closing costs & prepaids$13,651
Usable credit−$0
Total buyer cash needed$61,608
Earnest money paid−$0
Remaining funds due$61,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,720.00
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)$566.50
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$224.83
Prepaid interest, second (9 days)$228.82
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$52,954Through Dec 2026
Assumption only · ends Jul 2051$168,418
Assumption + second · ends Jul 2051, second Jan 2057$358,838
New conventional · ends Jan 2057$619,936