Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,129/mo
Lowest payment- Down payment
- $80,097
- Funds due
- $91,106
- Interest + MI left
- $178,407
- First ends
- Jun 2051
Assumption
Assumption + second
$2,458/mo
+$330/mo- Down payment
- $39,097
- Funds due
- $51,447
- Interest + MI left
- $256,169
- First ends
- Jun 2051
New loan
New conventional
$2,808/mo
+$679/mo- Down payment
- $39,097
- Funds due
- $48,293
- Interest + MI left
- $511,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,903 | $308,903 | $349,903 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,512.31 | $1,512.31 | $2,370.36 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $248.64 | $248.64 | $69.98 |
| Taxes, insurance & HOA | $367.58 | $367.58 | $367.58 |
| Total housing payment | $2,128.53 | $2,458.43 | $2,807.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,097
Closing costs & prepaids$12,350
Usable credit−$0
Total buyer cash needed$51,447
Earnest money paid−$0
Remaining funds due$51,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$241.45
Prepaid interest, second (9 days)$90.99
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 3.17%
Interest already paid$57,691Through Dec 2026
Assumption only · ends Jun 2051$178,407
Assumption + second · ends Jun 2051, second Jan 2057$256,169
New conventional · ends Jan 2057$511,616