Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,453/mo
Lowest payment- Down payment
- $49,533
- Funds due
- $59,133
- Interest + MI left
- $93,728
- First ends
- Jul 2051
Assumption
Assumption + second
$1,670/mo
+$217/mo- Down payment
- $22,533
- Funds due
- $33,443
- Interest + MI left
- $144,937
- First ends
- Jul 2051
New loan
New conventional
$1,877/mo
+$424/mo- Down payment
- $22,533
- Funds due
- $30,332
- Interest + MI left
- $288,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,467 | $170,467 | $197,467 |
| Second mortgage | — | $27,000 | — |
| First P&I | $815.82 | $815.82 | $1,337.71 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $137.42 | $137.42 | $39.49 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $1,453.24 | $1,670.49 | $1,877.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,533
Closing costs & prepaids$10,910
Usable credit−$0
Total buyer cash needed$33,443
Earnest money paid−$0
Remaining funds due$33,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,200.00
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)$264.00
Initial HOA (3 months)$786.00
Prepaid interest, first (9 days)$125.26
Prepaid interest, second (9 days)$59.92
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 2.98%
Interest already paid$29,496Through Dec 2026
Assumption only · ends Jul 2051$93,728
Assumption + second · ends Jul 2051, second Jan 2057$144,937
New conventional · ends Jan 2057$288,690