Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
Lowest payment- Down payment
- $49,167
- Funds due
- $59,628
- Interest + MI left
- $153,148
- First ends
- Aug 2051
Assumption
Assumption + second
$2,281/mo
+$326/mo- Down payment
- $17,167
- Funds due
- $28,971
- Interest + MI left
- $238,537
- First ends
- Aug 2051
New loan
New conventional
$2,576/mo
+$621/mo- Down payment
- $17,167
- Funds due
- $26,006
- Interest + MI left
- $459,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,828 | $280,828 | $312,828 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,335.09 | $1,335.09 | $2,119.21 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $226.04 | $226.04 | $62.57 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $1,955.13 | $2,281.21 | $2,575.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,167
Closing costs & prepaids$11,804
Usable credit−$0
Total buyer cash needed$28,971
Earnest money paid−$0
Remaining funds due$28,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.95
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)$336.00
Prepaid interest, first (9 days)$203.58
Prepaid interest, second (9 days)$93.70
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 8 moOf the original 30-year loan at 2.94%
Interest already paid$47,161Through Dec 2026
Assumption only · ends Aug 2051$153,148
Assumption + second · ends Aug 2051, second Jan 2057$238,537
New conventional · ends Jan 2057$459,033