Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,321/mo
Lowest payment- Down payment
- $47,693
- Funds due
- $57,014
- Interest + MI left
- $77,837
- First ends
- Jul 2051
Assumption
Assumption + second
$1,554/mo
+$233/mo- Down payment
- $18,693
- Funds due
- $29,300
- Interest + MI left
- $132,840
- First ends
- Jul 2051
New loan
New conventional
$1,700/mo
+$380/mo- Down payment
- $18,693
- Funds due
- $26,131
- Interest + MI left
- $240,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,807 | $135,807 | $164,807 |
| Second mortgage | — | $29,000 | — |
| First P&I | $660.54 | $660.54 | $1,116.46 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $109.15 | $109.15 | $32.96 |
| Taxes, insurance & HOA | $551.00 | $551.00 | $551.00 |
| Total housing payment | $1,320.70 | $1,554.04 | $1,700.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,693
Closing costs & prepaids$10,607
Usable credit−$0
Total buyer cash needed$29,300
Earnest money paid−$0
Remaining funds due$29,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,835.00
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)$468.00
Initial HOA (3 months)$735.00
Prepaid interest, first (5 days)$58.23
Prepaid interest, second (5 days)$35.75
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 7 moOf the original 30-year loan at 3.13%
Interest already paid$24,643Through Dec 2026
Assumption only · ends Jul 2051$77,837
Assumption + second · ends Jul 2051, second Jan 2057$132,840
New conventional · ends Jan 2057$240,942