Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $124,696
- Funds due
- $135,178
- Interest + MI left
- $116,238
- First ends
- Jan 2051
Assumption
Assumption + second
$2,326/mo
+$716/mo- Down payment
- $35,696
- Funds due
- $47,626
- Interest + MI left
- $285,039
- First ends
- Jan 2051
New loan
New conventional
$2,540/mo
+$930/mo- Down payment
- $35,696
- Funds due
- $44,420
- Interest + MI left
- $458,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,804 | $224,804 | $313,804 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,073.71 | $1,073.71 | $2,125.82 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $184.38 | $184.38 | $62.76 |
| Taxes, insurance & HOA | $351.83 | $351.83 | $351.83 |
| Total housing payment | $1,609.93 | $2,326.04 | $2,540.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,696
Closing costs & prepaids$11,930
Usable credit−$0
Total buyer cash needed$47,626
Earnest money paid−$0
Remaining funds due$47,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,495.00
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)$419.50
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$156.87
Prepaid interest, second (9 days)$197.51
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$40,738Through Dec 2026
Assumption only · ends Jan 2051$116,238
Assumption + second · ends Jan 2051, second Jan 2057$285,039
New conventional · ends Jan 2057$458,771