Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
Lowest payment- Down payment
- $69,711
- Funds due
- $80,646
- Interest + MI left
- $186,290
- First ends
- Jul 2051
Assumption
Assumption + second
$2,457/mo
+$233/mo- Down payment
- $40,711
- Funds due
- $52,910
- Interest + MI left
- $241,292
- First ends
- Jul 2051
New loan
New conventional
$2,928/mo
+$703/mo- Down payment
- $40,711
- Funds due
- $49,529
- Interest + MI left
- $544,814
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,289 | $330,289 | $359,289 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,590.80 | $1,590.80 | $2,487.64 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.86 |
| Taxes, insurance & HOA | $368.08 | $368.08 | $368.08 |
| Total housing payment | $2,224.11 | $2,457.45 | $2,927.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,711
Closing costs & prepaids$12,199
Usable credit−$0
Total buyer cash needed$52,910
Earnest money paid−$0
Remaining funds due$52,910
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$336.25
Initial HOA (3 months)$318.00
Prepaid interest, first (2 days)$55.38
Prepaid interest, second (2 days)$14.30
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$57,660Through Nov 2026
Assumption only · ends Jul 2051$186,290
Assumption + second · ends Jul 2051, second Dec 2056$241,292
New conventional · ends Dec 2056$544,814