Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $110,315
- Funds due
- $121,932
- Interest + MI left
- $140,150
- First ends
- Oct 2051
Assumption
Assumption + second
$2,693/mo
+$595/mo- Down payment
- $36,315
- Funds due
- $49,291
- Interest + MI left
- $280,501
- First ends
- Oct 2051
New loan
New conventional
$2,963/mo
+$866/mo- Down payment
- $36,315
- Funds due
- $46,027
- Interest + MI left
- $473,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,685 | $249,685 | $323,685 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,191.97 | $1,191.97 | $2,192.75 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $199.75 | $199.75 | $64.74 |
| Taxes, insurance & HOA | $706.00 | $706.00 | $706.00 |
| Total housing payment | $2,097.72 | $2,693.14 | $2,963.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,315
Closing costs & prepaids$12,976
Usable credit−$0
Total buyer cash needed$49,291
Earnest money paid−$0
Remaining funds due$49,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$918.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$123.95
Prepaid interest, second (6 days)$109.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.02%
Interest already paid$41,586Through Dec 2026
Assumption only · ends Oct 2051$140,150
Assumption + second · ends Oct 2051, second Jan 2057$280,501
New conventional · ends Jan 2057$473,281