Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $100,381
- Funds due
- $111,300
- Interest + MI left
- $141,626
- First ends
- Mar 2051
Assumption
Assumption + second
$2,423/mo
+$491/mo- Down payment
- $39,381
- Funds due
- $51,685
- Interest + MI left
- $257,321
- First ends
- Mar 2051
New loan
New conventional
$2,779/mo
+$846/mo- Down payment
- $39,381
- Funds due
- $48,530
- Interest + MI left
- $505,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,519 | $284,519 | $345,519 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,330.67 | $1,330.67 | $2,340.67 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $232.99 | $232.99 | $69.10 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $1,932.66 | $2,423.48 | $2,778.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,381
Closing costs & prepaids$12,304
Usable credit−$0
Total buyer cash needed$51,685
Earnest money paid−$0
Remaining funds due$51,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$462.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$188.02
Prepaid interest, second (9 days)$135.37
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$47,404Through Dec 2026
Assumption only · ends Mar 2051$141,626
Assumption + second · ends Mar 2051, second Jan 2057$257,321
New conventional · ends Jan 2057$505,137