Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,027/mo
Lowest payment- Down payment
- $167,191
- Funds due
- $179,487
- Interest + MI left
- $101,661
- First ends
- Mar 2051
Assumption
Assumption + second
$2,981/mo
+$954/mo- Down payment
- $37,191
- Funds due
- $50,908
- Interest + MI left
- $315,063
- First ends
- Mar 2051
New loan
New conventional
$3,228/mo
+$1,201/mo- Down payment
- $37,191
- Funds due
- $47,617
- Interest + MI left
- $485,160
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,809 | $201,809 | $331,809 |
| Second mortgage | — | $130,000 | — |
| First P&I | $947.94 | $947.94 | $2,247.79 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $165.12 | $165.12 | $66.36 |
| Taxes, insurance & HOA | $913.67 | $913.67 | $913.67 |
| Total housing payment | $2,026.72 | $2,980.62 | $3,227.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,191
Closing costs & prepaids$13,717
Usable credit−$0
Total buyer cash needed$50,908
Earnest money paid−$0
Remaining funds due$50,908
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$941.00
Initial HOA (3 months)$1,350.00
Prepaid interest, first (6 days)$90.23
Prepaid interest, second (6 days)$170.96
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 3 moOf the original 30-year loan at 2.72%
Interest already paid$34,110Through Dec 2026
Assumption only · ends Mar 2051$101,661
Assumption + second · ends Mar 2051, second Jan 2057$315,063
New conventional · ends Jan 2057$485,160