Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $160,934
- Funds due
- $172,668
- Interest + MI left
- $145,936
- First ends
- Jan 2051
Assumption
Assumption + second
$2,873/mo
+$859/mo- Down payment
- $43,934
- Funds due
- $57,149
- Interest + MI left
- $337,998
- First ends
- Jan 2051
New loan
New conventional
$3,179/mo
+$1,164/mo- Down payment
- $43,934
- Funds due
- $53,913
- Interest + MI left
- $564,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,966 | $268,966 | $385,966 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,308.14 | $1,308.14 | $2,614.67 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $219.78 | $219.78 | $77.19 |
| Taxes, insurance & HOA | $487.00 | $487.00 | $487.00 |
| Total housing payment | $2,014.91 | $2,873.42 | $3,178.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,934
Closing costs & prepaids$13,215
Usable credit−$0
Total buyer cash needed$57,149
Earnest money paid−$0
Remaining funds due$57,149
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$198.96
Prepaid interest, second (9 days)$230.79
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 1 moOf the original 30-year loan at 3%
Interest already paid$51,568Through Dec 2026
Assumption only · ends Jan 2051$145,936
Assumption + second · ends Jan 2051, second Jan 2057$337,998
New conventional · ends Jan 2057$564,269