Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,038/mo
Lowest payment- Down payment
- $144,528
- Funds due
- $156,139
- Interest + MI left
- $157,692
- First ends
- Jul 2051
Assumption
Assumption + second
$2,786/mo
+$748/mo- Down payment
- $42,528
- Funds due
- $55,590
- Interest + MI left
- $325,130
- First ends
- Jul 2051
New loan
New conventional
$3,125/mo
+$1,088/mo- Down payment
- $42,528
- Funds due
- $52,379
- Interest + MI left
- $559,237
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,472 | $280,472 | $382,472 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,353.93 | $1,353.93 | $2,591.00 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $225.74 | $225.74 | $76.49 |
| Taxes, insurance & HOA | $458.00 | $458.00 | $458.00 |
| Total housing payment | $2,037.66 | $2,786.10 | $3,125.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,528
Closing costs & prepaids$13,062
Usable credit−$0
Total buyer cash needed$55,590
Earnest money paid−$0
Remaining funds due$55,590
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$414.00
Prepaid interest, first (9 days)$211.62
Prepaid interest, second (9 days)$201.21
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$49,791Through Dec 2026
Assumption only · ends Jul 2051$157,692
Assumption + second · ends Jul 2051, second Jan 2057$325,130
New conventional · ends Jan 2057$559,237