Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
Lowest payment- Down payment
- $65,736
- Funds due
- $76,723
- Interest + MI left
- $175,547
- First ends
- Nov 2051
Assumption
Assumption + second
$2,359/mo
+$225/mo- Down payment
- $37,736
- Funds due
- $50,035
- Interest + MI left
- $228,653
- First ends
- Nov 2051
New loan
New conventional
$2,761/mo
+$627/mo- Down payment
- $37,736
- Funds due
- $46,910
- Interest + MI left
- $492,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,164 | $309,164 | $337,164 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,477.43 | $1,477.43 | $2,284.07 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $246.64 | $246.64 | $67.43 |
| Taxes, insurance & HOA | $410.00 | $410.00 | $410.00 |
| Total housing payment | $2,134.07 | $2,359.37 | $2,761.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,736
Closing costs & prepaids$12,299
Usable credit−$0
Total buyer cash needed$50,035
Earnest money paid−$0
Remaining funds due$50,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$450.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$232.51
Prepaid interest, second (9 days)$62.14
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 3.05%
Interest already paid$51,087Through Dec 2026
Assumption only · ends Nov 2051$175,547
Assumption + second · ends Nov 2051, second Jan 2057$228,653
New conventional · ends Jan 2057$492,990