Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $69,996
- Funds due
- $81,169
- Interest + MI left
- $182,987
- First ends
- Aug 2051
Assumption
Assumption + second
$2,470/mo
+$241/mo- Down payment
- $39,996
- Funds due
- $52,485
- Interest + MI left
- $239,886
- First ends
- Aug 2051
New loan
New conventional
$2,895/mo
+$666/mo- Down payment
- $39,996
- Funds due
- $49,362
- Interest + MI left
- $526,239
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,904 | $329,904 | $359,904 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,578.65 | $1,578.65 | $2,438.12 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.98 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $2,228.88 | $2,470.27 | $2,895.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,996
Closing costs & prepaids$12,490
Usable credit−$0
Total buyer cash needed$52,485
Earnest money paid−$0
Remaining funds due$52,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$244.04
Prepaid interest, second (9 days)$66.58
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 8 moOf the original 30-year loan at 3%
Interest already paid$56,498Through Dec 2026
Assumption only · ends Aug 2051$182,987
Assumption + second · ends Aug 2051, second Jan 2057$239,886
New conventional · ends Jan 2057$526,239