Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $132,469
- Funds due
- $143,813
- Interest + MI left
- $129,793
- First ends
- Mar 2051
Assumption
Assumption + second
$2,670/mo
+$748/mo- Down payment
- $39,469
- Funds due
- $52,270
- Interest + MI left
- $306,180
- First ends
- Mar 2051
New loan
New conventional
$2,958/mo
+$1,037/mo- Down payment
- $39,469
- Funds due
- $49,074
- Interest + MI left
- $518,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,531 | $261,531 | $354,531 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,221.83 | $1,221.83 | $2,401.72 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $214.21 | $214.21 | $70.91 |
| Taxes, insurance & HOA | $485.58 | $485.58 | $485.58 |
| Total housing payment | $1,921.63 | $2,669.93 | $2,958.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,469
Closing costs & prepaids$12,800
Usable credit−$0
Total buyer cash needed$52,270
Earnest money paid−$0
Remaining funds due$52,270
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$472.75
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$172.18
Prepaid interest, second (9 days)$206.38
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$43,416Through Dec 2026
Assumption only · ends Mar 2051$129,793
Assumption + second · ends Mar 2051, second Jan 2057$306,180
New conventional · ends Jan 2057$518,383