Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,086/mo
Lowest payment- Down payment
- $106,934
- Funds due
- $118,249
- Interest + MI left
- $165,321
- First ends
- Sep 2051
Assumption
Assumption + second
$2,609/mo
+$523/mo- Down payment
- $41,934
- Funds due
- $54,643
- Interest + MI left
- $288,603
- First ends
- Sep 2051
New loan
New conventional
$2,974/mo
+$888/mo- Down payment
- $41,934
- Funds due
- $51,462
- Interest + MI left
- $538,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,066 | $303,066 | $368,066 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,435.94 | $1,435.94 | $2,493.41 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $243.43 | $243.43 | $73.61 |
| Taxes, insurance & HOA | $407.00 | $407.00 | $407.00 |
| Total housing payment | $2,086.37 | $2,609.37 | $2,974.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,934
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$54,643
Earnest money paid−$0
Remaining funds due$54,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$279.00
Prepaid interest, first (9 days)$218.96
Prepaid interest, second (9 days)$144.25
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$49,871Through Dec 2026
Assumption only · ends Sep 2051$165,321
Assumption + second · ends Sep 2051, second Jan 2057$288,603
New conventional · ends Jan 2057$538,100