Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,699/mo
Lowest payment- Down payment
- $116,315
- Funds due
- $126,941
- Interest + MI left
- $130,202
- First ends
- Sep 2051
Assumption
Assumption + second
$2,342/mo
+$644/mo- Down payment
- $36,315
- Funds due
- $48,368
- Interest + MI left
- $281,933
- First ends
- Sep 2051
New loan
New conventional
$2,599/mo
+$900/mo- Down payment
- $36,315
- Funds due
- $45,169
- Interest + MI left
- $465,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,685 | $238,685 | $318,685 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,130.90 | $1,130.90 | $2,158.88 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $191.71 | $191.71 | $63.74 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $1,698.61 | $2,342.31 | $2,598.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,315
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$48,368
Earnest money paid−$0
Remaining funds due$48,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$172.44
Prepaid interest, second (9 days)$177.53
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 2.93%
Interest already paid$39,277Through Dec 2026
Assumption only · ends Sep 2051$130,202
Assumption + second · ends Sep 2051, second Jan 2057$281,933
New conventional · ends Jan 2057$465,906