Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,090/mo
Lowest payment- Down payment
- $103,402
- Funds due
- $114,742
- Interest + MI left
- $185,218
- First ends
- Nov 2051
Assumption
Assumption + second
$2,581/mo
+$491/mo- Down payment
- $42,402
- Funds due
- $55,127
- Interest + MI left
- $300,913
- First ends
- Nov 2051
New loan
New conventional
$2,981/mo
+$890/mo- Down payment
- $42,402
- Funds due
- $51,909
- Interest + MI left
- $544,725
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,598 | $311,598 | $372,598 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,553.47 | $1,553.47 | $2,524.11 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $155.00 | $155.00 | $74.52 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $2,090.47 | $2,581.29 | $2,980.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,402
Closing costs & prepaids$12,725
Usable credit−$0
Total buyer cash needed$55,127
Earnest money paid−$0
Remaining funds due$55,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$268.91
Prepaid interest, second (9 days)$135.37
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 3.5%
Interest already paid$58,470Through Dec 2026
Assumption only · ends Nov 2051$185,218
Assumption + second · ends Nov 2051, second Jan 2057$300,913
New conventional · ends Jan 2057$544,725