Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $136,682
- Funds due
- $148,243
- Interest + MI left
- $154,399
- First ends
- Aug 2051
Assumption
Assumption + second
$2,791/mo
+$756/mo- Down payment
- $42,682
- Funds due
- $55,702
- Interest + MI left
- $332,683
- First ends
- Aug 2051
New loan
New conventional
$3,088/mo
+$1,054/mo- Down payment
- $42,682
- Funds due
- $52,477
- Interest + MI left
- $550,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,318 | $282,318 | $376,318 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,343.63 | $1,343.63 | $2,549.31 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $227.19 | $227.19 | $75.26 |
| Taxes, insurance & HOA | $463.58 | $463.58 | $463.58 |
| Total housing payment | $2,034.41 | $2,790.75 | $3,088.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,682
Closing costs & prepaids$13,020
Usable credit−$0
Total buyer cash needed$55,702
Earnest money paid−$0
Remaining funds due$55,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$205.36
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$47,567Through Dec 2026
Assumption only · ends Aug 2051$154,399
Assumption + second · ends Aug 2051, second Jan 2057$332,683
New conventional · ends Jan 2057$550,164