Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $182,830
- Funds due
- $194,839
- Interest + MI left
- $151,537
- First ends
- Jan 2051
Assumption
Assumption + second
$3,035/mo
+$991/mo- Down payment
- $47,830
- Funds due
- $61,148
- Interest + MI left
- $373,147
- First ends
- Jan 2051
New loan
New conventional
$3,456/mo
+$1,412/mo- Down payment
- $47,830
- Funds due
- $57,689
- Interest + MI left
- $647,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,170 | $292,170 | $427,170 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,392.11 | $1,392.11 | $2,957.64 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $239.05 | $239.05 | $85.43 |
| Taxes, insurance & HOA | $413.08 | $413.08 | $413.08 |
| Total housing payment | $2,044.25 | $3,034.83 | $3,456.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,830
Closing costs & prepaids$13,319
Usable credit−$0
Total buyer cash needed$61,148
Earnest money paid−$0
Remaining funds due$61,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$550.25
Initial HOA (3 months)$189.00
Prepaid interest, first (2 days)$45.31
Prepaid interest, second (2 days)$59.18
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$52,129Through Nov 2026
Assumption only · ends Jan 2051$151,537
Assumption + second · ends Jan 2051, second Dec 2056$373,147
New conventional · ends Dec 2056$647,832