Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $151,420
- Funds due
- $161,799
- Interest + MI left
- $94,651
- First ends
- Aug 2051
Assumption
Assumption + second
$2,247/mo
+$873/mo- Down payment
- $32,420
- Funds due
- $44,283
- Interest + MI left
- $289,996
- First ends
- Aug 2051
New loan
New conventional
$2,446/mo
+$1,072/mo- Down payment
- $32,420
- Funds due
- $41,065
- Interest + MI left
- $426,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,580 | $172,580 | $291,580 |
| Second mortgage | — | $119,000 | — |
| First P&I | $822.25 | $822.25 | $1,975.26 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $138.86 | $138.86 | $58.32 |
| Taxes, insurance & HOA | $412.58 | $412.58 | $412.58 |
| Total housing payment | $1,373.69 | $2,246.87 | $2,446.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,420
Closing costs & prepaids$11,863
Usable credit−$0
Total buyer cash needed$44,283
Earnest money paid−$0
Remaining funds due$44,283
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,240.00
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)$388.75
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$125.96
Prepaid interest, second (9 days)$234.74
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$29,173Through Dec 2026
Assumption only · ends Aug 2051$94,651
Assumption + second · ends Aug 2051, second Jan 2057$289,996
New conventional · ends Jan 2057$426,338