Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,238/mo
Lowest payment- Down payment
- $169,789
- Funds due
- $182,227
- Interest + MI left
- $180,129
- First ends
- Sep 2051
Assumption
Assumption + second
$3,111/mo
+$873/mo- Down payment
- $50,789
- Funds due
- $64,712
- Interest + MI left
- $375,473
- First ends
- Sep 2051
New loan
New conventional
$3,541/mo
+$1,303/mo- Down payment
- $50,789
- Funds due
- $61,476
- Interest + MI left
- $656,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,211 | $330,211 | $449,211 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,564.55 | $1,564.55 | $3,043.11 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $265.23 | $265.23 | $89.84 |
| Taxes, insurance & HOA | $408.09 | $408.09 | $408.09 |
| Total housing payment | $2,237.87 | $3,111.05 | $3,541.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,789
Closing costs & prepaids$13,923
Usable credit−$0
Total buyer cash needed$64,712
Earnest money paid−$0
Remaining funds due$64,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$124.26
Prepaid interest, first (9 days)$238.57
Prepaid interest, second (9 days)$234.74
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$54,337Through Dec 2026
Assumption only · ends Sep 2051$180,129
Assumption + second · ends Sep 2051, second Jan 2057$375,473
New conventional · ends Jan 2057$656,731