Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $159,936
- Funds due
- $170,885
- Interest + MI left
- $104,241
- First ends
- Aug 2051
Assumption
Assumption + second
$2,478/mo
+$888/mo- Down payment
- $38,936
- Funds due
- $51,374
- Interest + MI left
- $302,869
- First ends
- Aug 2051
New loan
New conventional
$2,822/mo
+$1,232/mo- Down payment
- $38,936
- Funds due
- $48,181
- Interest + MI left
- $510,389
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,064 | $228,064 | $349,064 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,017.12 | $1,017.12 | $2,364.68 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $185.74 | $185.74 | $69.81 |
| Taxes, insurance & HOA | $387.17 | $387.17 | $387.17 |
| Total housing payment | $1,590.03 | $2,477.89 | $2,821.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,936
Closing costs & prepaids$12,438
Usable credit−$0
Total buyer cash needed$51,374
Earnest money paid−$0
Remaining funds due$51,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$465.50
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$132.71
Prepaid interest, second (9 days)$238.68
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 8 moOf the original 30-year loan at 2.36%
Interest already paid$30,934Through Dec 2026
Assumption only · ends Aug 2051$104,241
Assumption + second · ends Aug 2051, second Jan 2057$302,869
New conventional · ends Jan 2057$510,389