Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,476/mo
Lowest payment- Down payment
- $75,626
- Funds due
- $85,353
- Interest + MI left
- $114,184
- First ends
- Sep 2051
Assumption
Assumption + second
$1,854/mo
+$378/mo- Down payment
- $28,626
- Funds due
- $39,707
- Interest + MI left
- $203,327
- First ends
- Sep 2051
New loan
New conventional
$2,094/mo
+$618/mo- Down payment
- $28,626
- Funds due
- $36,564
- Interest + MI left
- $370,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,374 | $206,374 | $253,374 |
| Second mortgage | — | $47,000 | — |
| First P&I | $983.15 | $983.15 | $1,716.44 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $165.60 | $165.60 | $50.67 |
| Taxes, insurance & HOA | $326.83 | $326.83 | $326.83 |
| Total housing payment | $1,475.59 | $1,853.76 | $2,093.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,626
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$39,707
Earnest money paid−$0
Remaining funds due$39,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,820.00
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)$338.50
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$151.64
Prepaid interest, second (9 days)$104.30
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$34,522Through Dec 2026
Assumption only · ends Sep 2051$114,184
Assumption + second · ends Sep 2051, second Jan 2057$203,327
New conventional · ends Jan 2057$370,424