Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,335/mo
Lowest payment- Down payment
- $135,159
- Funds due
- $147,543
- Interest + MI left
- $147,705
- First ends
- Jan 2051
Assumption
Assumption + second
$3,075/mo
+$740/mo- Down payment
- $43,159
- Funds due
- $56,997
- Interest + MI left
- $322,196
- First ends
- Jan 2051
New loan
New conventional
$3,383/mo
+$1,048/mo- Down payment
- $43,159
- Funds due
- $53,788
- Interest + MI left
- $558,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,841 | $289,841 | $381,841 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,376.95 | $1,376.95 | $2,586.72 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $237.98 | $237.98 | $76.37 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $2,334.93 | $3,075.18 | $3,383.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,159
Closing costs & prepaids$13,838
Usable credit−$0
Total buyer cash needed$56,997
Earnest money paid−$0
Remaining funds due$56,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (9 days)$198.68
Prepaid interest, second (9 days)$204.16
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 1 moOf the original 30-year loan at 2.78%
Interest already paid$51,626Through Dec 2026
Assumption only · ends Jan 2051$147,705
Assumption + second · ends Jan 2051, second Jan 2057$322,196
New conventional · ends Jan 2057$558,238