Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,696/mo
Lowest payment- Down payment
- $52,482
- Funds due
- $62,514
- Interest + MI left
- $125,883
- First ends
- Sep 2051
Assumption
Assumption + second
$2,084/mo
+$387/mo- Down payment
- $14,482
- Funds due
- $25,875
- Interest + MI left
- $227,282
- First ends
- Sep 2051
New loan
New conventional
$2,282/mo
+$585/mo- Down payment
- $14,482
- Funds due
- $22,872
- Interest + MI left
- $389,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,518 | $227,518 | $265,518 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,083.88 | $1,083.88 | $1,798.71 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $182.57 | $182.57 | $53.10 |
| Taxes, insurance & HOA | $430.00 | $430.00 | $430.00 |
| Total housing payment | $1,696.45 | $2,083.67 | $2,281.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,482
Closing costs & prepaids$11,393
Usable credit−$0
Total buyer cash needed$25,875
Earnest money paid−$0
Remaining funds due$25,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$504.00
Prepaid interest, first (9 days)$167.18
Prepaid interest, second (9 days)$111.27
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 2.98%
Interest already paid$38,059Through Dec 2026
Assumption only · ends Sep 2051$125,883
Assumption + second · ends Sep 2051, second Jan 2057$227,282
New conventional · ends Jan 2057$389,612