Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,332/mo
Lowest payment- Down payment
- $143,217
- Funds due
- $153,338
- Interest + MI left
- $99,063
- First ends
- Jul 2051
Assumption
Assumption + second
$2,147/mo
+$814/mo- Down payment
- $32,217
- Funds due
- $43,807
- Interest + MI left
- $281,275
- First ends
- Jul 2051
New loan
New conventional
$2,344/mo
+$1,012/mo- Down payment
- $32,217
- Funds due
- $40,592
- Interest + MI left
- $420,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,683 | $176,683 | $287,683 |
| Second mortgage | — | $111,000 | — |
| First P&I | $851.98 | $851.98 | $1,948.86 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $142.23 | $142.23 | $57.54 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,332.21 | $2,146.69 | $2,344.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,217
Closing costs & prepaids$11,590
Usable credit−$0
Total buyer cash needed$43,807
Earnest money paid−$0
Remaining funds due$43,807
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$180.00
Prepaid interest, first (9 days)$132.88
Prepaid interest, second (9 days)$218.96
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 3.05%
Interest already paid$31,267Through Dec 2026
Assumption only · ends Jul 2051$99,063
Assumption + second · ends Jul 2051, second Jan 2057$281,275
New conventional · ends Jan 2057$420,640