Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,467/mo
Lowest payment- Down payment
- $185,156
- Funds due
- $196,034
- Interest + MI left
- $107,818
- First ends
- Nov 2051
Assumption
Assumption + second
$2,538/mo
+$1,071/mo- Down payment
- $39,156
- Funds due
- $51,572
- Interest + MI left
- $347,484
- First ends
- Nov 2051
New loan
New conventional
$2,783/mo
+$1,316/mo- Down payment
- $39,156
- Funds due
- $48,314
- Interest + MI left
- $505,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,844 | $199,844 | $345,844 |
| Second mortgage | — | $146,000 | — |
| First P&I | $936.36 | $936.36 | $2,342.87 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $159.97 | $159.97 | $69.17 |
| Taxes, insurance & HOA | $370.67 | $370.67 | $370.67 |
| Total housing payment | $1,467.00 | $2,538.30 | $2,782.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,156
Closing costs & prepaids$12,416
Usable credit−$0
Total buyer cash needed$51,572
Earnest money paid−$0
Remaining funds due$51,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$462.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$141.42
Prepaid interest, second (9 days)$288.00
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 2.87%
Interest already paid$31,129Through Dec 2026
Assumption only · ends Nov 2051$107,818
Assumption + second · ends Nov 2051, second Jan 2057$347,484
New conventional · ends Jan 2057$505,612