Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,110/mo
Lowest payment- Down payment
- $125,501
- Funds due
- $137,006
- Interest + MI left
- $171,095
- First ends
- Jul 2051
Assumption
Assumption + second
$2,777/mo
+$668/mo- Down payment
- $42,501
- Funds due
- $55,440
- Interest + MI left
- $328,516
- First ends
- Jul 2051
New loan
New conventional
$3,066/mo
+$956/mo- Down payment
- $42,501
- Funds due
- $52,218
- Interest + MI left
- $551,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,499 | $294,499 | $377,499 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,440.10 | $1,440.10 | $2,557.31 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $236.47 | $236.47 | $75.50 |
| Taxes, insurance & HOA | $433.00 | $433.00 | $433.00 |
| Total housing payment | $2,109.57 | $2,777.41 | $3,065.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,501
Closing costs & prepaids$12,939
Usable credit−$0
Total buyer cash needed$55,440
Earnest money paid−$0
Remaining funds due$55,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$230.92
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 7 moOf the original 30-year loan at 3.18%
Interest already paid$54,265Through Dec 2026
Assumption only · ends Jul 2051$171,095
Assumption + second · ends Jul 2051, second Jan 2057$328,516
New conventional · ends Jan 2057$551,966