Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,051/mo
Lowest payment- Down payment
- $183,533
- Funds due
- $195,720
- Interest + MI left
- $150,707
- First ends
- Jan 2051
Assumption
Assumption + second
$3,049/mo
+$998/mo- Down payment
- $47,533
- Funds due
- $61,238
- Interest + MI left
- $373,958
- First ends
- Jan 2051
New loan
New conventional
$3,401/mo
+$1,350/mo- Down payment
- $47,533
- Funds due
- $57,998
- Interest + MI left
- $625,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,467 | $291,467 | $427,467 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,392.11 | $1,392.11 | $2,895.81 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $239.05 | $239.05 | $85.49 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $2,050.83 | $3,048.75 | $3,400.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,533
Closing costs & prepaids$13,706
Usable credit−$0
Total buyer cash needed$61,238
Earnest money paid−$0
Remaining funds due$61,238
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$203.39
Prepaid interest, second (9 days)$268.27
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$52,818Through Dec 2026
Assumption only · ends Jan 2051$150,707
Assumption + second · ends Jan 2051, second Jan 2057$373,958
New conventional · ends Jan 2057$625,027