Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,921/mo
Lowest payment- Down payment
- $133,709
- Funds due
- $144,970
- Interest + MI left
- $147,508
- First ends
- Jul 2051
Assumption
Assumption + second
$2,670/mo
+$748/mo- Down payment
- $40,709
- Funds due
- $53,426
- Interest + MI left
- $323,896
- First ends
- Jul 2051
New loan
New conventional
$2,931/mo
+$1,010/mo- Down payment
- $40,709
- Funds due
- $50,199
- Interest + MI left
- $523,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,291 | $265,291 | $358,291 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,275.13 | $1,275.13 | $2,427.19 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $213.69 | $213.69 | $71.66 |
| Taxes, insurance & HOA | $432.58 | $432.58 | $432.58 |
| Total housing payment | $1,921.40 | $2,669.69 | $2,931.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,709
Closing costs & prepaids$12,717
Usable credit−$0
Total buyer cash needed$53,426
Earnest money paid−$0
Remaining funds due$53,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$197.55
Prepaid interest, second (9 days)$206.38
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 3.02%
Interest already paid$46,500Through Dec 2026
Assumption only · ends Jul 2051$147,508
Assumption + second · ends Jul 2051, second Jan 2057$323,896
New conventional · ends Jan 2057$523,809