Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,660/mo
Lowest payment- Down payment
- $123,522
- Funds due
- $134,099
- Interest + MI left
- $120,700
- First ends
- Mar 2051
Assumption
Assumption + second
$2,352/mo
+$692/mo- Down payment
- $37,522
- Funds due
- $49,539
- Interest + MI left
- $283,811
- First ends
- Mar 2051
New loan
New conventional
$2,618/mo
+$958/mo- Down payment
- $37,522
- Funds due
- $46,345
- Interest + MI left
- $480,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,478 | $242,478 | $328,478 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,134.05 | $1,134.05 | $2,225.22 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $198.57 | $198.57 | $65.70 |
| Taxes, insurance & HOA | $327.09 | $327.09 | $327.09 |
| Total housing payment | $1,659.70 | $2,351.68 | $2,618.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,522
Closing costs & prepaids$12,017
Usable credit−$0
Total buyer cash needed$49,539
Earnest money paid−$0
Remaining funds due$49,539
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,660.00
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)$439.25
Initial HOA (3 months)$92.01
Prepaid interest, first (9 days)$160.23
Prepaid interest, second (9 days)$190.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.68%
Interest already paid$40,399Through Dec 2026
Assumption only · ends Mar 2051$120,700
Assumption + second · ends Mar 2051, second Jan 2057$283,811
New conventional · ends Jan 2057$480,223