Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $135,316
- Funds due
- $145,991
- Interest + MI left
- $120,791
- First ends
- Oct 2051
Assumption
Assumption + second
$2,412/mo
+$797/mo- Down payment
- $36,316
- Funds due
- $48,460
- Interest + MI left
- $308,558
- First ends
- Oct 2051
New loan
New conventional
$2,637/mo
+$1,022/mo- Down payment
- $36,316
- Funds due
- $45,242
- Interest + MI left
- $473,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,584 | $224,584 | $323,584 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,054.70 | $1,054.70 | $2,192.07 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $180.18 | $180.18 | $64.72 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $1,615.56 | $2,412.13 | $2,637.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,316
Closing costs & prepaids$12,145
Usable credit−$0
Total buyer cash needed$48,460
Earnest money paid−$0
Remaining funds due$48,460
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)$260.01
Prepaid interest, first (9 days)$158.93
Prepaid interest, second (9 days)$219.70
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$35,601Through Dec 2026
Assumption only · ends Oct 2051$120,791
Assumption + second · ends Oct 2051, second Jan 2057$308,558
New conventional · ends Jan 2057$473,133