Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,189/mo
Lowest payment- Down payment
- $64,881
- Funds due
- $75,936
- Interest + MI left
- $178,485
- First ends
- Sep 2051
Assumption
Assumption + second
$2,390/mo
+$201/mo- Down payment
- $39,881
- Funds due
- $52,242
- Interest + MI left
- $225,901
- First ends
- Sep 2051
New loan
New conventional
$2,841/mo
+$652/mo- Down payment
- $39,881
- Funds due
- $49,130
- Interest + MI left
- $519,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,019 | $330,019 | $355,019 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $2,405.02 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.00 |
| Taxes, insurance & HOA | $365.00 | $365.00 | $365.00 |
| Total housing payment | $2,188.76 | $2,389.92 | $2,841.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,881
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$52,242
Earnest money paid−$0
Remaining funds due$52,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.00
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)$474.00
Initial HOA (3 months)$171.00
Prepaid interest, first (9 days)$235.99
Prepaid interest, second (9 days)$55.48
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$53,766Through Dec 2026
Assumption only · ends Sep 2051$178,485
Assumption + second · ends Sep 2051, second Jan 2057$225,901
New conventional · ends Jan 2057$519,096