Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $127,319
- Funds due
- $137,430
- Interest + MI left
- $95,512
- First ends
- Aug 2051
Assumption
Assumption + second
$2,148/mo
+$780/mo- Down payment
- $30,319
- Funds due
- $41,895
- Interest + MI left
- $279,486
- First ends
- Aug 2051
New loan
New conventional
$2,284/mo
+$917/mo- Down payment
- $30,319
- Funds due
- $38,677
- Interest + MI left
- $394,318
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $172,681 | $172,681 | $269,681 |
| Second mortgage | — | $97,000 | — |
| First P&I | $825.42 | $825.42 | $1,826.91 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $138.86 | $138.86 | $53.94 |
| Taxes, insurance & HOA | $403.00 | $403.00 | $403.00 |
| Total housing payment | $1,367.27 | $2,147.76 | $2,283.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,319
Closing costs & prepaids$11,577
Usable credit−$0
Total buyer cash needed$41,895
Earnest money paid−$0
Remaining funds due$41,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$399.00
Prepaid interest, first (9 days)$127.31
Prepaid interest, second (9 days)$215.26
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 8 moOf the original 30-year loan at 2.99%
Interest already paid$29,477Through Dec 2026
Assumption only · ends Aug 2051$95,512
Assumption + second · ends Aug 2051, second Jan 2057$279,486
New conventional · ends Jan 2057$394,318