Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,906/mo
Lowest payment- Down payment
- $90,100
- Funds due
- $100,946
- Interest + MI left
- $145,192
- First ends
- Nov 2051
Assumption
Assumption + second
$2,341/mo
+$434/mo- Down payment
- $36,100
- Funds due
- $48,316
- Interest + MI left
- $247,610
- First ends
- Nov 2051
New loan
New conventional
$2,686/mo
+$780/mo- Down payment
- $36,100
- Funds due
- $45,168
- Interest + MI left
- $473,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,900 | $269,900 | $323,900 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,263.22 | $1,263.22 | $2,194.21 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $216.08 | $216.08 | $64.78 |
| Taxes, insurance & HOA | $427.00 | $427.00 | $427.00 |
| Total housing payment | $1,906.30 | $2,340.80 | $2,685.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,100
Closing costs & prepaids$12,216
Usable credit−$0
Total buyer cash needed$48,316
Earnest money paid−$0
Remaining funds due$48,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$190.34
Prepaid interest, second (9 days)$119.84
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$41,898Through Dec 2026
Assumption only · ends Nov 2051$145,192
Assumption + second · ends Nov 2051, second Jan 2057$247,610
New conventional · ends Jan 2057$473,595