Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,926/mo
Lowest payment- Down payment
- $100,958
- Funds due
- $111,879
- Interest + MI left
- $152,769
- First ends
- Oct 2051
Assumption
Assumption + second
$2,425/mo
+$499/mo- Down payment
- $38,958
- Funds due
- $51,266
- Interest + MI left
- $270,361
- First ends
- Oct 2051
New loan
New conventional
$2,778/mo
+$852/mo- Down payment
- $38,958
- Funds due
- $48,100
- Interest + MI left
- $505,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,042 | $284,042 | $346,042 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,333.93 | $1,333.93 | $2,344.21 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $227.88 | $227.88 | $69.21 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,926.48 | $2,425.35 | $2,778.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,958
Closing costs & prepaids$12,308
Usable credit−$0
Total buyer cash needed$51,266
Earnest money paid−$0
Remaining funds due$51,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$201.01
Prepaid interest, second (9 days)$137.59
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$45,026Through Dec 2026
Assumption only · ends Oct 2051$152,769
Assumption + second · ends Oct 2051, second Jan 2057$270,361
New conventional · ends Jan 2057$505,971