Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $136,432
- Funds due
- $147,636
- Interest + MI left
- $146,310
- First ends
- Nov 2051
Assumption
Assumption + second
$2,640/mo
+$764/mo- Down payment
- $41,432
- Funds due
- $54,097
- Interest + MI left
- $326,491
- First ends
- Nov 2051
New loan
New conventional
$2,950/mo
+$1,074/mo- Down payment
- $41,432
- Funds due
- $50,882
- Interest + MI left
- $538,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,568 | $273,568 | $368,568 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,277.57 | $1,277.57 | $2,496.81 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $219.10 | $219.10 | $73.71 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $1,875.67 | $2,640.06 | $2,949.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,432
Closing costs & prepaids$12,664
Usable credit−$0
Total buyer cash needed$54,097
Earnest money paid−$0
Remaining funds due$54,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$195.00
Prepaid interest, first (9 days)$191.57
Prepaid interest, second (9 days)$210.82
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 2.84%
Interest already paid$42,179Through Dec 2026
Assumption only · ends Nov 2051$146,310
Assumption + second · ends Nov 2051, second Jan 2057$326,491
New conventional · ends Jan 2057$538,907