Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,694/mo
Lowest payment- Down payment
- $118,974
- Funds due
- $129,563
- Interest + MI left
- $134,697
- First ends
- Sep 2051
Assumption
Assumption + second
$2,354/mo
+$660/mo- Down payment
- $36,974
- Funds due
- $48,995
- Interest + MI left
- $290,222
- First ends
- Sep 2051
New loan
New conventional
$2,620/mo
+$926/mo- Down payment
- $36,974
- Funds due
- $45,798
- Interest + MI left
- $480,944
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,926 | $246,926 | $328,926 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,169.95 | $1,169.95 | $2,228.26 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $198.33 | $198.33 | $65.79 |
| Taxes, insurance & HOA | $325.66 | $325.66 | $325.66 |
| Total housing payment | $1,693.94 | $2,353.73 | $2,619.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,974
Closing costs & prepaids$12,021
Usable credit−$0
Total buyer cash needed$48,995
Earnest money paid−$0
Remaining funds due$48,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,659.00
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)$439.00
Initial HOA (3 months)$87.99
Prepaid interest, first (9 days)$178.40
Prepaid interest, second (9 days)$181.97
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 2.93%
Interest already paid$40,633Through Dec 2026
Assumption only · ends Sep 2051$134,697
Assumption + second · ends Sep 2051, second Jan 2057$290,222
New conventional · ends Jan 2057$480,944