Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $138,337
- Funds due
- $149,257
- Interest + MI left
- $122,147
- First ends
- Oct 2051
Assumption
Assumption + second
$2,436/mo
+$741/mo- Down payment
- $37,337
- Funds due
- $49,707
- Interest + MI left
- $287,944
- First ends
- Oct 2051
New loan
New conventional
$2,754/mo
+$1,059/mo- Down payment
- $37,337
- Funds due
- $46,516
- Interest + MI left
- $488,602
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,163 | $233,163 | $334,163 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,084.21 | $1,084.21 | $2,263.74 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $187.39 | $187.39 | $66.83 |
| Taxes, insurance & HOA | $423.58 | $423.58 | $423.58 |
| Total housing payment | $1,695.18 | $2,436.29 | $2,754.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,337
Closing costs & prepaids$12,370
Usable credit−$0
Total buyer cash needed$49,707
Earnest money paid−$0
Remaining funds due$49,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,715.00
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)$445.75
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$159.83
Prepaid interest, second (9 days)$199.23
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$35,834Through Dec 2026
Assumption only · ends Oct 2051$122,147
Assumption + second · ends Oct 2051, second Jan 2057$287,944
New conventional · ends Jan 2057$488,602