Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $48,647
- Funds due
- $59,018
- Interest + MI left
- $155,131
- First ends
- Jul 2051
Assumption
Assumption + second
$2,255/mo
+$316/mo- Down payment
- $17,647
- Funds due
- $29,358
- Interest + MI left
- $237,851
- First ends
- Jul 2051
New loan
New conventional
$2,556/mo
+$616/mo- Down payment
- $17,647
- Funds due
- $26,394
- Interest + MI left
- $464,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,353 | $285,353 | $316,353 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,359.74 | $1,359.74 | $2,143.09 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $230.21 | $230.21 | $63.27 |
| Taxes, insurance & HOA | $349.58 | $349.58 | $349.58 |
| Total housing payment | $1,939.53 | $2,255.42 | $2,555.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,647
Closing costs & prepaids$11,711
Usable credit−$0
Total buyer cash needed$29,358
Earnest money paid−$0
Remaining funds due$29,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,340.00
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)$400.75
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$206.86
Prepaid interest, second (9 days)$90.77
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 2.94%
Interest already paid$48,732Through Dec 2026
Assumption only · ends Jul 2051$155,131
Assumption + second · ends Jul 2051, second Jan 2057$237,851
New conventional · ends Jan 2057$464,205