Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,489/mo
Lowest payment- Down payment
- $184,671
- Funds due
- $195,799
- Interest + MI left
- $82,050
- First ends
- Mar 2051
Assumption
Assumption + second
$2,582/mo
+$1,093/mo- Down payment
- $35,671
- Funds due
- $48,343
- Interest + MI left
- $326,641
- First ends
- Mar 2051
New loan
New conventional
$2,774/mo
+$1,284/mo- Down payment
- $35,671
- Funds due
- $45,090
- Interest + MI left
- $459,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,329 | $165,329 | $314,329 |
| Second mortgage | — | $149,000 | — |
| First P&I | $772.39 | $772.39 | $2,129.37 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $135.42 | $135.42 | $62.87 |
| Taxes, insurance & HOA | $581.33 | $581.33 | $581.33 |
| Total housing payment | $1,489.14 | $2,582.45 | $2,773.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,671
Closing costs & prepaids$12,672
Usable credit−$0
Total buyer cash needed$48,343
Earnest money paid−$0
Remaining funds due$48,343
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$873.99
Prepaid interest, first (9 days)$108.85
Prepaid interest, second (9 days)$293.92
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$27,446Through Dec 2026
Assumption only · ends Mar 2051$82,050
Assumption + second · ends Mar 2051, second Jan 2057$326,641
New conventional · ends Jan 2057$459,538