Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,513/mo
Lowest payment- Down payment
- $124,086
- Funds due
- $134,374
- Interest + MI left
- $118,148
- First ends
- Oct 2051
Assumption
Assumption + second
$2,237/mo
+$724/mo- Down payment
- $34,086
- Funds due
- $45,823
- Interest + MI left
- $288,846
- First ends
- Oct 2051
New loan
New conventional
$2,453/mo
+$940/mo- Down payment
- $34,086
- Funds due
- $42,619
- Interest + MI left
- $447,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,914 | $215,914 | $305,914 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,020.67 | $1,020.67 | $2,072.37 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $173.03 | $173.03 | $61.18 |
| Taxes, insurance & HOA | $319.00 | $319.00 | $319.00 |
| Total housing payment | $1,512.70 | $2,236.86 | $2,452.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,086
Closing costs & prepaids$11,738
Usable credit−$0
Total buyer cash needed$45,823
Earnest money paid−$0
Remaining funds due$45,823
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$155.99
Prepaid interest, second (9 days)$199.73
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 2.93%
Interest already paid$34,921Through Dec 2026
Assumption only · ends Oct 2051$118,148
Assumption + second · ends Oct 2051, second Jan 2057$288,846
New conventional · ends Jan 2057$447,297