Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,806/mo
Lowest payment- Down payment
- $166,198
- Funds due
- $177,637
- Interest + MI left
- $124,601
- First ends
- Jun 2051
Assumption
Assumption + second
$2,716/mo
+$910/mo- Down payment
- $42,198
- Funds due
- $55,131
- Interest + MI left
- $328,153
- First ends
- Jun 2051
New loan
New conventional
$3,050/mo
+$1,244/mo- Down payment
- $42,198
- Funds due
- $51,911
- Interest + MI left
- $545,024
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,802 | $248,802 | $372,802 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,153.93 | $1,153.93 | $2,525.49 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $202.31 | $202.31 | $74.56 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $1,806.24 | $2,716.11 | $3,050.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,198
Closing costs & prepaids$12,933
Usable credit−$0
Total buyer cash needed$55,131
Earnest money paid−$0
Remaining funds due$55,131
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)$498.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$163.80
Prepaid interest, second (9 days)$244.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 2.67%
Interest already paid$39,347Through Dec 2026
Assumption only · ends Jun 2051$124,601
Assumption + second · ends Jun 2051, second Jan 2057$328,153
New conventional · ends Jan 2057$545,024