Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $116,132
- Funds due
- $126,639
- Interest + MI left
- $119,478
- First ends
- Jun 2051
Assumption
Assumption + second
$2,297/mo
+$668/mo- Down payment
- $33,132
- Funds due
- $45,073
- Interest + MI left
- $276,899
- First ends
- Jun 2051
New loan
New conventional
$2,494/mo
+$864/mo- Down payment
- $33,132
- Funds due
- $41,872
- Interest + MI left
- $433,924
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,768 | $213,768 | $296,768 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,033.17 | $1,033.17 | $2,010.41 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $172.48 | $172.48 | $59.35 |
| Taxes, insurance & HOA | $424.00 | $424.00 | $424.00 |
| Total housing payment | $1,629.65 | $2,297.48 | $2,493.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,132
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$45,073
Earnest money paid−$0
Remaining funds due$45,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$160.77
Prepaid interest, second (9 days)$184.19
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 6 moOf the original 30-year loan at 3.05%
Interest already paid$38,460Through Dec 2026
Assumption only · ends Jun 2051$119,478
Assumption + second · ends Jun 2051, second Jan 2057$276,899
New conventional · ends Jan 2057$433,924