Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,848/mo
Lowest payment- Down payment
- $46,310
- Funds due
- $56,489
- Interest + MI left
- $148,663
- First ends
- Sep 2051
Assumption
Assumption + second
$2,153/mo
+$306/mo- Down payment
- $16,310
- Funds due
- $27,827
- Interest + MI left
- $228,715
- First ends
- Sep 2051
New loan
New conventional
$2,435/mo
+$588/mo- Down payment
- $16,310
- Funds due
- $24,857
- Interest + MI left
- $438,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,690 | $268,690 | $298,690 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,280.02 | $1,280.02 | $2,023.43 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $215.61 | $215.61 | $59.74 |
| Taxes, insurance & HOA | $352.00 | $352.00 | $352.00 |
| Total housing payment | $1,847.62 | $2,153.32 | $2,435.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,310
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$27,827
Earnest money paid−$0
Remaining funds due$27,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$197.43
Prepaid interest, second (9 days)$87.84
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$44,946Through Dec 2026
Assumption only · ends Sep 2051$148,663
Assumption + second · ends Sep 2051, second Jan 2057$228,715
New conventional · ends Jan 2057$438,287