Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $110,546
- Funds due
- $121,476
- Interest + MI left
- $122,793
- First ends
- Sep 2051
Assumption
Assumption + second
$2,410/mo
+$620/mo- Down payment
- $33,546
- Funds due
- $45,897
- Interest + MI left
- $268,834
- First ends
- Sep 2051
New loan
New conventional
$2,632/mo
+$842/mo- Down payment
- $33,546
- Funds due
- $42,702
- Interest + MI left
- $433,404
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,453 | $219,453 | $296,453 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,050.02 | $1,050.02 | $2,008.28 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $175.96 | $175.96 | $59.29 |
| Taxes, insurance & HOA | $564.00 | $564.00 | $564.00 |
| Total housing payment | $1,789.98 | $2,409.54 | $2,631.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,546
Closing costs & prepaids$12,351
Usable credit−$0
Total buyer cash needed$45,897
Earnest money paid−$0
Remaining funds due$45,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$396.00
Initial HOA (3 months)$846.00
Prepaid interest, first (9 days)$163.42
Prepaid interest, second (9 days)$170.88
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 3.02%
Interest already paid$37,187Through Dec 2026
Assumption only · ends Sep 2051$122,793
Assumption + second · ends Sep 2051, second Jan 2057$268,834
New conventional · ends Jan 2057$433,404