Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,174/mo
Lowest payment- Down payment
- $56,834
- Funds due
- $67,912
- Interest + MI left
- $165,321
- First ends
- Sep 2051
Assumption
Assumption + second
$2,562/mo
+$387/mo- Down payment
- $18,834
- Funds due
- $31,273
- Interest + MI left
- $266,721
- First ends
- Sep 2051
New loan
New conventional
$2,874/mo
+$699/mo- Down payment
- $18,834
- Funds due
- $28,308
- Interest + MI left
- $500,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,066 | $303,066 | $341,066 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,435.94 | $1,435.94 | $2,310.50 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $243.43 | $243.43 | $68.21 |
| Taxes, insurance & HOA | $495.00 | $495.00 | $495.00 |
| Total housing payment | $2,174.37 | $2,561.59 | $2,873.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,834
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$31,273
Earnest money paid−$0
Remaining funds due$31,273
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Initial HOA (3 months)$603.00
Prepaid interest, first (9 days)$218.96
Prepaid interest, second (9 days)$111.27
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$49,871Through Dec 2026
Assumption only · ends Sep 2051$165,321
Assumption + second · ends Sep 2051, second Jan 2057$266,721
New conventional · ends Jan 2057$500,468