Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $93,469
- Funds due
- $104,652
- Interest + MI left
- $129,793
- First ends
- Mar 2051
Assumption
Assumption + second
$2,457/mo
+$459/mo- Down payment
- $36,469
- Funds due
- $49,029
- Interest + MI left
- $237,901
- First ends
- Mar 2051
New loan
New conventional
$2,784/mo
+$786/mo- Down payment
- $36,469
- Funds due
- $45,879
- Interest + MI left
- $465,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,531 | $261,531 | $318,531 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,221.83 | $1,221.83 | $2,157.84 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $214.21 | $214.21 | $63.71 |
| Taxes, insurance & HOA | $562.00 | $562.00 | $562.00 |
| Total housing payment | $1,998.04 | $2,456.68 | $2,783.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,469
Closing costs & prepaids$12,560
Usable credit−$0
Total buyer cash needed$49,029
Earnest money paid−$0
Remaining funds due$49,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$810.00
Prepaid interest, first (9 days)$172.18
Prepaid interest, second (9 days)$126.49
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$43,416Through Dec 2026
Assumption only · ends Mar 2051$129,793
Assumption + second · ends Mar 2051, second Jan 2057$237,901
New conventional · ends Jan 2057$465,681