Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $123,530
- Funds due
- $135,179
- Interest + MI left
- $165,341
- First ends
- Aug 2051
Assumption
Assumption + second
$2,799/mo
+$652/mo- Down payment
- $42,530
- Funds due
- $55,609
- Interest + MI left
- $318,969
- First ends
- Aug 2051
New loan
New conventional
$3,135/mo
+$989/mo- Down payment
- $42,530
- Funds due
- $52,411
- Interest + MI left
- $559,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,470 | $301,470 | $382,470 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,436.34 | $1,436.34 | $2,590.99 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $242.56 | $242.56 | $76.49 |
| Taxes, insurance & HOA | $468.00 | $468.00 | $468.00 |
| Total housing payment | $2,146.90 | $2,798.65 | $3,135.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,530
Closing costs & prepaids$13,079
Usable credit−$0
Total buyer cash needed$55,609
Earnest money paid−$0
Remaining funds due$55,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$444.00
Prepaid interest, first (9 days)$220.03
Prepaid interest, second (9 days)$179.75
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 2.96%
Interest already paid$50,961Through Dec 2026
Assumption only · ends Aug 2051$165,341
Assumption + second · ends Aug 2051, second Jan 2057$318,969
New conventional · ends Jan 2057$559,234