Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,111/mo
Lowest payment- Down payment
- $44,281
- Funds due
- $53,050
- Interest + MI left
- $70,989
- First ends
- Jun 2051
Assumption
Assumption + second
$1,328/mo
+$217/mo- Down payment
- $17,281
- Funds due
- $27,360
- Interest + MI left
- $122,198
- First ends
- Jun 2051
New loan
New conventional
$1,464/mo
+$353/mo- Down payment
- $17,281
- Funds due
- $24,252
- Interest + MI left
- $223,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,619 | $125,619 | $152,619 |
| Second mortgage | — | $27,000 | — |
| First P&I | $609.75 | $609.75 | $1,033.89 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $101.27 | $101.27 | $30.52 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $1,111.02 | $1,328.27 | $1,464.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,281
Closing costs & prepaids$10,080
Usable credit−$0
Total buyer cash needed$27,360
Earnest money paid−$0
Remaining funds due$27,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$204.00
Initial HOA (3 months)$546.00
Prepaid interest, first (9 days)$95.71
Prepaid interest, second (9 days)$59.92
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$22,888Through Dec 2026
Assumption only · ends Jun 2051$70,989
Assumption + second · ends Jun 2051, second Jan 2057$122,198
New conventional · ends Jan 2057$223,124