Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $139,306
- Funds due
- $150,393
- Interest + MI left
- $144,495
- First ends
- Jun 2051
Assumption
Assumption + second
$2,633/mo
+$797/mo- Down payment
- $40,306
- Funds due
- $52,862
- Interest + MI left
- $332,263
- First ends
- Jun 2051
New loan
New conventional
$2,863/mo
+$1,026/mo- Down payment
- $40,306
- Funds due
- $49,623
- Interest + MI left
- $518,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,694 | $255,694 | $354,694 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,241.13 | $1,241.13 | $2,402.82 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $206.14 | $206.14 | $70.94 |
| Taxes, insurance & HOA | $389.00 | $389.00 | $389.00 |
| Total housing payment | $1,836.27 | $2,632.84 | $2,862.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,306
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$52,862
Earnest money paid−$0
Remaining funds due$52,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$194.82
Prepaid interest, second (9 days)$219.70
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 3.09%
Interest already paid$46,587Through Dec 2026
Assumption only · ends Jun 2051$144,495
Assumption + second · ends Jun 2051, second Jan 2057$332,263
New conventional · ends Jan 2057$518,550