Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $152,867
- Funds due
- $164,411
- Interest + MI left
- $135,589
- First ends
- Mar 2051
Assumption
Assumption + second
$2,785/mo
+$814/mo- Down payment
- $41,867
- Funds due
- $54,759
- Interest + MI left
- $317,801
- First ends
- Mar 2051
New loan
New conventional
$3,097/mo
+$1,127/mo- Down payment
- $41,867
- Funds due
- $51,402
- Interest + MI left
- $539,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,133 | $262,133 | $373,133 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,243.32 | $1,243.32 | $2,510.09 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $214.06 | $214.06 | $74.63 |
| Taxes, insurance & HOA | $512.75 | $512.75 | $512.75 |
| Total housing payment | $1,970.12 | $2,784.60 | $3,097.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,867
Closing costs & prepaids$12,891
Usable credit−$0
Total buyer cash needed$54,759
Earnest money paid−$0
Remaining funds due$54,759
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$1,058.25
Initial HOA (3 months)$30.00
Prepaid interest, first (4 days)$80.72
Prepaid interest, second (4 days)$97.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3 moOf the original 30-year loan at 2.81%
Interest already paid$45,725Through Dec 2026
Assumption only · ends Mar 2051$135,589
Assumption + second · ends Mar 2051, second Jan 2057$317,801
New conventional · ends Jan 2057$539,156