Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $58,480
- Funds due
- $69,047
- Interest + MI left
- $124,876
- First ends
- Jun 2051
Assumption
Assumption + second
$2,130/mo
+$233/mo- Down payment
- $29,480
- Funds due
- $41,325
- Interest + MI left
- $179,879
- First ends
- Jun 2051
New loan
New conventional
$2,407/mo
+$510/mo- Down payment
- $29,480
- Funds due
- $38,080
- Interest + MI left
- $374,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,420 | $230,420 | $259,420 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,100.52 | $1,100.52 | $1,745.13 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $186.32 | $186.32 | $51.88 |
| Taxes, insurance & HOA | $609.58 | $609.58 | $609.58 |
| Total housing payment | $1,896.43 | $2,129.77 | $2,406.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,480
Closing costs & prepaids$11,846
Usable credit−$0
Total buyer cash needed$41,325
Earnest money paid−$0
Remaining funds due$41,325
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,889.00
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)$736.75
Initial HOA (3 months)$642.00
Prepaid interest, first (4 days)$74.24
Prepaid interest, second (4 days)$28.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2.94%
Interest already paid$40,008Through Dec 2026
Assumption only · ends Jun 2051$124,876
Assumption + second · ends Jun 2051, second Jan 2057$179,879
New conventional · ends Jan 2057$374,795