Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $146,891
- Funds due
- $157,305
- Interest + MI left
- $80,594
- First ends
- Jun 2051
Assumption
Assumption + second
$2,211/mo
+$859/mo- Down payment
- $29,891
- Funds due
- $41,786
- Interest + MI left
- $272,656
- First ends
- Jun 2051
New loan
New conventional
$2,357/mo
+$1,005/mo- Down payment
- $29,891
- Funds due
- $38,558
- Interest + MI left
- $380,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,009 | $143,009 | $260,009 |
| Second mortgage | — | $117,000 | — |
| First P&I | $693.42 | $693.42 | $1,761.39 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $115.32 | $115.32 | $52.00 |
| Taxes, insurance & HOA | $544.00 | $544.00 | $544.00 |
| Total housing payment | $1,352.73 | $2,211.24 | $2,357.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,891
Closing costs & prepaids$11,895
Usable credit−$0
Total buyer cash needed$41,786
Earnest money paid−$0
Remaining funds due$41,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$348.00
Initial HOA (3 months)$834.00
Prepaid interest, first (9 days)$108.61
Prepaid interest, second (9 days)$230.79
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 3.08%
Interest already paid$25,975Through Dec 2026
Assumption only · ends Jun 2051$80,594
Assumption + second · ends Jun 2051, second Jan 2057$272,656
New conventional · ends Jan 2057$380,124