Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $105,199
- Funds due
- $116,092
- Interest + MI left
- $138,100
- First ends
- Aug 2051
Assumption
Assumption + second
$2,412/mo
+$555/mo- Down payment
- $36,199
- Funds due
- $48,495
- Interest + MI left
- $268,968
- First ends
- Aug 2051
New loan
New conventional
$2,692/mo
+$835/mo- Down payment
- $36,199
- Funds due
- $45,314
- Interest + MI left
- $469,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,801 | $251,801 | $320,801 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,199.70 | $1,199.70 | $2,173.22 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $202.60 | $202.60 | $64.16 |
| Taxes, insurance & HOA | $454.83 | $454.83 | $454.83 |
| Total housing payment | $1,857.13 | $2,412.32 | $2,692.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,199
Closing costs & prepaids$12,296
Usable credit−$0
Total buyer cash needed$48,495
Earnest money paid−$0
Remaining funds due$48,495
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,570.00
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)$428.50
Initial HOA (3 months)$486.00
Prepaid interest, first (9 days)$183.78
Prepaid interest, second (9 days)$153.12
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 2.96%
Interest already paid$42,565Through Dec 2026
Assumption only · ends Aug 2051$138,100
Assumption + second · ends Aug 2051, second Jan 2057$268,968
New conventional · ends Jan 2057$469,064