Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,834/mo
Lowest payment- Down payment
- $139,257
- Funds due
- $150,387
- Interest + MI left
- $131,150
- First ends
- Jan 2051
Assumption
Assumption + second
$2,568/mo
+$734/mo- Down payment
- $39,257
- Funds due
- $51,835
- Interest + MI left
- $295,305
- First ends
- Jan 2051
New loan
New conventional
$2,872/mo
+$1,038/mo- Down payment
- $39,257
- Funds due
- $48,638
- Interest + MI left
- $512,844
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,743 | $250,743 | $350,743 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,202.74 | $1,202.74 | $2,376.06 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $205.47 | $205.47 | $70.15 |
| Taxes, insurance & HOA | $426.00 | $426.00 | $426.00 |
| Total housing payment | $1,834.21 | $2,567.97 | $2,872.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,257
Closing costs & prepaids$12,578
Usable credit−$0
Total buyer cash needed$51,835
Earnest money paid−$0
Remaining funds due$51,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$177.44
Prepaid interest, second (9 days)$197.26
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 1 moOf the original 30-year loan at 2.87%
Interest already paid$46,059Through Dec 2026
Assumption only · ends Jan 2051$131,150
Assumption + second · ends Jan 2051, second Jan 2057$295,305
New conventional · ends Jan 2057$512,844