Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,235/mo
Lowest payment- Down payment
- $122,839
- Funds due
- $134,581
- Interest + MI left
- $166,240
- First ends
- Aug 2051
Assumption
Assumption + second
$2,879/mo
+$644/mo- Down payment
- $42,839
- Funds due
- $55,870
- Interest + MI left
- $317,971
- First ends
- Aug 2051
New loan
New conventional
$3,278/mo
+$1,044/mo- Down payment
- $42,839
- Funds due
- $52,458
- Interest + MI left
- $579,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,161 | $302,161 | $382,161 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,436.34 | $1,436.34 | $2,646.01 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $242.56 | $242.56 | $76.43 |
| Taxes, insurance & HOA | $555.92 | $555.92 | $555.92 |
| Total housing payment | $2,234.82 | $2,878.52 | $3,278.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,839
Closing costs & prepaids$13,031
Usable credit−$0
Total buyer cash needed$55,870
Earnest money paid−$0
Remaining funds due$55,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$773.75
Initial HOA (3 months)$444.00
Prepaid interest, first (2 days)$49.01
Prepaid interest, second (2 days)$39.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 2.960%
Interest already paid$50,216Through Nov 2026
Assumption only · ends Aug 2051$166,240
Assumption + second · ends Aug 2051, second Dec 2056$317,971
New conventional · ends Dec 2056$579,573