Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,825/mo
Lowest payment- Down payment
- $133,101
- Funds due
- $144,072
- Interest + MI left
- $147,217
- First ends
- Jun 2051
Assumption
Assumption + second
$2,582/mo
+$756/mo- Down payment
- $39,101
- Funds due
- $51,531
- Interest + MI left
- $325,501
- First ends
- Jun 2051
New loan
New conventional
$2,806/mo
+$980/mo- Down payment
- $39,101
- Funds due
- $48,299
- Interest + MI left
- $510,148
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,899 | $254,899 | $348,899 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,247.92 | $1,247.92 | $2,363.56 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $205.17 | $205.17 | $69.78 |
| Taxes, insurance & HOA | $372.17 | $372.17 | $372.17 |
| Total housing payment | $1,825.26 | $2,581.60 | $2,805.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,101
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$51,531
Earnest money paid−$0
Remaining funds due$51,531
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$465.50
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$199.24
Prepaid interest, second (9 days)$208.60
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 6 moOf the original 30-year loan at 3.17%
Interest already paid$47,605Through Dec 2026
Assumption only · ends Jun 2051$147,217
Assumption + second · ends Jun 2051, second Jan 2057$325,501
New conventional · ends Jan 2057$510,148