Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,184/mo
Lowest payment- Down payment
- $136,443
- Funds due
- $148,284
- Interest + MI left
- $173,477
- First ends
- Oct 2051
Assumption
Assumption + second
$2,917/mo
+$732/mo- Down payment
- $45,443
- Funds due
- $58,736
- Interest + MI left
- $346,071
- First ends
- Oct 2051
New loan
New conventional
$3,263/mo
+$1,079/mo- Down payment
- $45,443
- Funds due
- $55,514
- Interest + MI left
- $590,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,557 | $312,557 | $403,557 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,485.62 | $1,485.62 | $2,733.84 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $250.24 | $250.24 | $80.71 |
| Taxes, insurance & HOA | $448.58 | $448.58 | $448.58 |
| Total housing payment | $2,184.44 | $2,916.65 | $3,263.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,443
Closing costs & prepaids$13,292
Usable credit−$0
Total buyer cash needed$58,736
Earnest money paid−$0
Remaining funds due$58,736
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$357.00
Prepaid interest, first (9 days)$229.66
Prepaid interest, second (9 days)$201.95
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$51,389Through Dec 2026
Assumption only · ends Oct 2051$173,477
Assumption + second · ends Oct 2051, second Jan 2057$346,071
New conventional · ends Jan 2057$590,067