Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $106,900
- Funds due
- $117,348
- Interest + MI left
- $114,413
- First ends
- Mar 2051
Assumption
Assumption + second
$2,235/mo
+$587/mo- Down payment
- $33,900
- Funds due
- $45,760
- Interest + MI left
- $252,868
- First ends
- Mar 2051
New loan
New conventional
$2,497/mo
+$849/mo- Down payment
- $33,900
- Funds due
- $42,594
- Interest + MI left
- $442,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,850 | $229,850 | $302,850 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,074.99 | $1,074.99 | $2,051.61 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $188.22 | $188.22 | $60.57 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,647.88 | $2,235.25 | $2,496.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,900
Closing costs & prepaids$11,860
Usable credit−$0
Total buyer cash needed$45,760
Earnest money paid−$0
Remaining funds due$45,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,367.50
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)$404.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$151.89
Prepaid interest, second (9 days)$162.00
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$38,295Through Dec 2026
Assumption only · ends Mar 2051$114,413
Assumption + second · ends Mar 2051, second Jan 2057$252,868
New conventional · ends Jan 2057$442,817