Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
Lowest payment- Down payment
- $138,631
- Funds due
- $149,785
- Interest + MI left
- $150,413
- First ends
- Jun 2051
Assumption
Assumption + second
$2,666/mo
+$780/mo- Down payment
- $41,631
- Funds due
- $54,251
- Interest + MI left
- $334,387
- First ends
- Jun 2051
New loan
New conventional
$2,928/mo
+$1,043/mo- Down payment
- $41,631
- Funds due
- $51,019
- Interest + MI left
- $538,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,369 | $271,369 | $368,369 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,307.33 | $1,307.33 | $2,495.46 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $219.08 | $219.08 | $73.67 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $1,885.42 | $2,665.90 | $2,928.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,631
Closing costs & prepaids$12,619
Usable credit−$0
Total buyer cash needed$54,251
Earnest money paid−$0
Remaining funds due$54,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$202.08
Prepaid interest, second (9 days)$215.26
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 6 moOf the original 30-year loan at 3.02%
Interest already paid$48,359Through Dec 2026
Assumption only · ends Jun 2051$150,413
Assumption + second · ends Jun 2051, second Jan 2057$334,387
New conventional · ends Jan 2057$538,543