Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $80,254
- Funds due
- $91,535
- Interest + MI left
- $180,794
- First ends
- Aug 2051
Assumption
Assumption + second
$2,539/mo
+$314/mo- Down payment
- $41,254
- Funds due
- $53,872
- Interest + MI left
- $254,763
- First ends
- Aug 2051
New loan
New conventional
$2,960/mo
+$735/mo- Down payment
- $41,254
- Funds due
- $50,735
- Interest + MI left
- $539,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,646 | $329,646 | $368,646 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,570.59 | $1,570.59 | $2,497.34 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $265.23 | $265.23 | $73.73 |
| Taxes, insurance & HOA | $389.00 | $389.00 | $389.00 |
| Total housing payment | $2,224.82 | $2,538.62 | $2,960.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,254
Closing costs & prepaids$12,618
Usable credit−$0
Total buyer cash needed$53,872
Earnest money paid−$0
Remaining funds due$53,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$240.60
Prepaid interest, second (9 days)$86.55
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$55,724Through Dec 2026
Assumption only · ends Aug 2051$180,794
Assumption + second · ends Aug 2051, second Jan 2057$254,763
New conventional · ends Jan 2057$539,021