Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,674/mo
Lowest payment- Down payment
- $122,247
- Funds due
- $132,807
- Interest + MI left
- $133,618
- First ends
- Jul 2051
Assumption
Assumption + second
$2,366/mo
+$692/mo- Down payment
- $36,247
- Funds due
- $48,248
- Interest + MI left
- $296,729
- First ends
- Jul 2051
New loan
New conventional
$2,593/mo
+$919/mo- Down payment
- $36,247
- Funds due
- $45,039
- Interest + MI left
- $473,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,653 | $237,653 | $323,653 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,147.23 | $1,147.23 | $2,192.54 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $191.27 | $191.27 | $64.73 |
| Taxes, insurance & HOA | $335.67 | $335.67 | $335.67 |
| Total housing payment | $1,674.17 | $2,366.15 | $2,592.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,247
Closing costs & prepaids$12,001
Usable credit−$0
Total buyer cash needed$48,248
Earnest money paid−$0
Remaining funds due$48,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$179.31
Prepaid interest, second (9 days)$190.85
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$42,190Through Dec 2026
Assumption only · ends Jul 2051$133,618
Assumption + second · ends Jul 2051, second Jan 2057$296,729
New conventional · ends Jan 2057$473,234