Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,838/mo
Lowest payment- Down payment
- $179,357
- Funds due
- $190,926
- Interest + MI left
- $126,137
- First ends
- Jul 2051
Assumption
Assumption + second
$2,843/mo
+$1,005/mo- Down payment
- $42,357
- Funds due
- $55,237
- Interest + MI left
- $351,030
- First ends
- Jul 2051
New loan
New conventional
$3,190/mo
+$1,352/mo- Down payment
- $42,357
- Funds due
- $51,817
- Interest + MI left
- $565,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,643 | $235,643 | $372,643 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,112.37 | $1,112.37 | $2,580.10 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $189.91 | $189.91 | $74.53 |
| Taxes, insurance & HOA | $535.67 | $535.67 | $535.67 |
| Total housing payment | $1,837.95 | $2,843.21 | $3,190.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,357
Closing costs & prepaids$12,879
Usable credit−$0
Total buyer cash needed$55,237
Earnest money paid−$0
Remaining funds due$55,237
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)$269.00
Initial HOA (3 months)$888.00
Prepaid interest, first (2 days)$37.12
Prepaid interest, second (2 days)$60.05
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 2.875%
Interest already paid$38,724Through Nov 2026
Assumption only · ends Jul 2051$126,137
Assumption + second · ends Jul 2051, second Dec 2056$351,030
New conventional · ends Dec 2056$565,064