Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $132,153
- Funds due
- $142,899
- Interest + MI left
- $130,287
- First ends
- Sep 2051
Assumption
Assumption + second
$2,448/mo
+$764/mo- Down payment
- $37,153
- Funds due
- $49,360
- Interest + MI left
- $310,468
- First ends
- Sep 2051
New loan
New conventional
$2,669/mo
+$986/mo- Down payment
- $37,153
- Funds due
- $46,134
- Interest + MI left
- $479,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,847 | $232,847 | $327,847 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,114.10 | $1,114.10 | $2,220.95 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $186.70 | $186.70 | $65.57 |
| Taxes, insurance & HOA | $382.33 | $382.33 | $382.33 |
| Total housing payment | $1,683.13 | $2,447.52 | $2,668.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,153
Closing costs & prepaids$12,206
Usable credit−$0
Total buyer cash needed$49,360
Earnest money paid−$0
Remaining funds due$49,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$173.39
Prepaid interest, second (9 days)$210.82
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 3.02%
Interest already paid$39,457Through Dec 2026
Assumption only · ends Sep 2051$130,287
Assumption + second · ends Sep 2051, second Jan 2057$310,468
New conventional · ends Jan 2057$479,301