Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $88,523
- Funds due
- $99,540
- Interest + MI left
- $113,551
- First ends
- Jan 2051
Assumption
Assumption + second
$2,106/mo
+$467/mo- Down payment
- $30,523
- Funds due
- $42,919
- Interest + MI left
- $223,556
- First ends
- Jan 2051
New loan
New conventional
$2,337/mo
+$697/mo- Down payment
- $30,523
- Funds due
- $39,767
- Interest + MI left
- $401,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,477 | $216,477 | $274,477 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,039.48 | $1,039.48 | $1,859.40 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $177.35 | $177.35 | $54.90 |
| Taxes, insurance & HOA | $422.54 | $422.54 | $422.54 |
| Total housing payment | $1,639.37 | $2,106.06 | $2,336.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,523
Closing costs & prepaids$12,396
Usable credit−$0
Total buyer cash needed$42,919
Earnest money paid−$0
Remaining funds due$42,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,570.52
Insurance escrow (3 months)$642.63
Property tax escrow (3 months)$366.00
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$153.73
Prepaid interest, second (9 days)$128.71
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 1 moOf the original 30-year loan at 2.88%
Interest already paid$39,899Through Dec 2026
Assumption only · ends Jan 2051$113,551
Assumption + second · ends Jan 2051, second Jan 2057$223,556
New conventional · ends Jan 2057$401,331