Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $55,644
- Funds due
- $66,377
- Interest + MI left
- $126,381
- First ends
- Jun 2051
Assumption
Assumption + second
$2,173/mo
+$217/mo- Down payment
- $28,644
- Funds due
- $40,660
- Interest + MI left
- $177,591
- First ends
- Jun 2051
New loan
New conventional
$2,440/mo
+$484/mo- Down payment
- $28,644
- Funds due
- $37,442
- Interest + MI left
- $367,328
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,256 | $224,256 | $251,256 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,087.36 | $1,087.36 | $1,702.10 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $180.83 | $180.83 | $50.25 |
| Taxes, insurance & HOA | $687.92 | $687.92 | $687.92 |
| Total housing payment | $1,956.11 | $2,173.35 | $2,440.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,644
Closing costs & prepaids$12,016
Usable credit−$0
Total buyer cash needed$40,660
Earnest money paid−$0
Remaining funds due$40,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$713.75
Initial HOA (3 months)$900.00
Prepaid interest, first (5 days)$94.62
Prepaid interest, second (5 days)$33.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.08%
Interest already paid$40,731Through Dec 2026
Assumption only · ends Jun 2051$126,381
Assumption + second · ends Jun 2051, second Jan 2057$177,591
New conventional · ends Jan 2057$367,328