Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $150,085
- Funds due
- $161,094
- Interest + MI left
- $132,189
- First ends
- Sep 2051
Assumption
Assumption + second
$2,534/mo
+$814/mo- Down payment
- $39,085
- Funds due
- $51,563
- Interest + MI left
- $314,401
- First ends
- Sep 2051
New loan
New conventional
$2,830/mo
+$1,111/mo- Down payment
- $39,085
- Funds due
- $48,347
- Interest + MI left
- $511,634
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,915 | $238,915 | $349,915 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,138.18 | $1,138.18 | $2,370.45 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $191.71 | $191.71 | $69.98 |
| Taxes, insurance & HOA | $389.58 | $389.58 | $389.58 |
| Total housing payment | $1,719.47 | $2,533.95 | $2,830.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,085
Closing costs & prepaids$12,478
Usable credit−$0
Total buyer cash needed$51,563
Earnest money paid−$0
Remaining funds due$51,563
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$175.55
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$39,965Through Dec 2026
Assumption only · ends Sep 2051$132,189
Assumption + second · ends Sep 2051, second Jan 2057$314,401
New conventional · ends Jan 2057$511,634