Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $122,982
- Funds due
- $134,026
- Interest + MI left
- $110,770
- First ends
- Jul 2051
Assumption
Assumption + second
$2,474/mo
+$724/mo- Down payment
- $32,982
- Funds due
- $45,476
- Interest + MI left
- $281,468
- First ends
- Jul 2051
New loan
New conventional
$2,642/mo
+$892/mo- Down payment
- $32,982
- Funds due
- $42,255
- Interest + MI left
- $419,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,017 | $197,017 | $287,017 |
| Second mortgage | — | $90,000 | — |
| First P&I | $951.06 | $951.06 | $1,944.35 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $158.57 | $158.57 | $57.40 |
| Taxes, insurance & HOA | $640.00 | $640.00 | $640.00 |
| Total housing payment | $1,749.63 | $2,473.79 | $2,641.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,982
Closing costs & prepaids$12,493
Usable credit−$0
Total buyer cash needed$45,476
Earnest money paid−$0
Remaining funds due$45,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.99
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)$384.00
Initial HOA (3 months)$1,086.00
Prepaid interest, first (9 days)$148.65
Prepaid interest, second (9 days)$199.73
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$34,976Through Dec 2026
Assumption only · ends Jul 2051$110,770
Assumption + second · ends Jul 2051, second Jan 2057$281,468
New conventional · ends Jan 2057$419,609