Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,553/mo
Lowest payment- Down payment
- $143,195
- Funds due
- $153,996
- Interest + MI left
- $99,854
- First ends
- Nov 2051
Assumption
Assumption + second
$2,361/mo
+$807/mo- Down payment
- $33,195
- Funds due
- $45,463
- Interest + MI left
- $280,425
- First ends
- Nov 2051
New loan
New conventional
$2,601/mo
+$1,048/mo- Down payment
- $33,195
- Funds due
- $42,258
- Interest + MI left
- $433,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,705 | $186,705 | $296,705 |
| Second mortgage | — | $110,000 | — |
| First P&I | $871.91 | $871.91 | $2,009.98 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $149.53 | $149.53 | $59.34 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $1,553.45 | $2,360.59 | $2,601.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,195
Closing costs & prepaids$12,268
Usable credit−$0
Total buyer cash needed$45,463
Earnest money paid−$0
Remaining funds due$45,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$130.74
Prepaid interest, second (9 days)$216.99
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$28,786Through Dec 2026
Assumption only · ends Nov 2051$99,854
Assumption + second · ends Nov 2051, second Jan 2057$280,425
New conventional · ends Jan 2057$433,832