Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $130,640
- Funds due
- $141,097
- Interest + MI left
- $122,603
- First ends
- Jun 2051
Assumption
Assumption + second
$2,341/mo
+$764/mo- Down payment
- $35,640
- Funds due
- $47,557
- Interest + MI left
- $302,784
- First ends
- Jun 2051
New loan
New conventional
$2,531/mo
+$955/mo- Down payment
- $35,640
- Funds due
- $44,332
- Interest + MI left
- $459,583
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,360 | $219,360 | $314,360 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,060.20 | $1,060.20 | $2,129.58 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $176.99 | $176.99 | $62.87 |
| Taxes, insurance & HOA | $339.00 | $339.00 | $339.00 |
| Total housing payment | $1,576.19 | $2,340.58 | $2,531.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,640
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$47,557
Earnest money paid−$0
Remaining funds due$47,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$147.00
Prepaid interest, first (9 days)$164.97
Prepaid interest, second (9 days)$210.82
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 6 moOf the original 30-year loan at 3.05%
Interest already paid$39,467Through Dec 2026
Assumption only · ends Jun 2051$122,603
Assumption + second · ends Jun 2051, second Jan 2057$302,784
New conventional · ends Jan 2057$459,583