Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,490/mo
Lowest payment- Down payment
- $128,730
- Funds due
- $141,505
- Interest + MI left
- $137,935
- First ends
- Jan 2051
Assumption
Assumption + second
$3,206/mo
+$716/mo- Down payment
- $39,730
- Funds due
- $53,799
- Interest + MI left
- $306,736
- First ends
- Jan 2051
New loan
New conventional
$3,541/mo
+$1,051/mo- Down payment
- $39,730
- Funds due
- $50,411
- Interest + MI left
- $541,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,270 | $268,270 | $357,270 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,274.12 | $1,274.12 | $2,473.67 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $219.64 | $219.64 | $71.45 |
| Taxes, insurance & HOA | $996.00 | $996.00 | $996.00 |
| Total housing payment | $2,489.76 | $3,205.87 | $3,541.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,730
Closing costs & prepaids$14,068
Usable credit−$0
Total buyer cash needed$53,799
Earnest money paid−$0
Remaining funds due$53,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,970.00
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)$708.00
Initial HOA (3 months)$1,830.00
Prepaid interest, first (2 days)$41.16
Prepaid interest, second (2 days)$43.89
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 2.800%
Interest already paid$47,374Through Nov 2026
Assumption only · ends Jan 2051$137,935
Assumption + second · ends Jan 2051, second Dec 2056$306,736
New conventional · ends Dec 2056$541,824