Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,000/mo
Lowest payment- Down payment
- $210,498
- Funds due
- $220,717
- Interest + MI left
- $60,038
- First ends
- Jul 2051
Assumption
Assumption + second
$2,306/mo
+$1,306/mo- Down payment
- $32,498
- Funds due
- $44,319
- Interest + MI left
- $352,234
- First ends
- Jul 2051
New loan
New conventional
$2,393/mo
+$1,393/mo- Down payment
- $32,498
- Funds due
- $41,021
- Interest + MI left
- $420,318
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,502 | $109,502 | $287,502 |
| Second mortgage | — | $178,000 | — |
| First P&I | $523.49 | $523.49 | $1,947.64 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | $88.29 | $88.29 | $57.50 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $999.77 | $2,305.88 | $2,393.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,498
Closing costs & prepaids$11,820
Usable credit−$0
Total buyer cash needed$44,319
Earnest money paid−$0
Remaining funds due$44,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$80.19
Prepaid interest, second (9 days)$351.12
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 7 moOf the original 30-year loan at 2.97%
Interest already paid$18,885Through Dec 2026
Assumption only · ends Jul 2051$60,038
Assumption + second · ends Jul 2051, second Jan 2057$352,234
New conventional · ends Jan 2057$420,318