Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $133,948
- Funds due
- $145,306
- Interest + MI left
- $149,834
- First ends
- Jul 2051
Assumption
Assumption + second
$2,712/mo
+$748/mo- Down payment
- $40,948
- Funds due
- $53,762
- Interest + MI left
- $326,221
- First ends
- Jul 2051
New loan
New conventional
$2,994/mo
+$1,030/mo- Down payment
- $40,948
- Funds due
- $50,546
- Interest + MI left
- $536,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,052 | $274,052 | $367,052 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,308.72 | $1,308.72 | $2,486.54 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $221.01 | $221.01 | $73.41 |
| Taxes, insurance & HOA | $434.17 | $434.17 | $434.17 |
| Total housing payment | $1,963.89 | $2,712.19 | $2,994.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,948
Closing costs & prepaids$12,814
Usable credit−$0
Total buyer cash needed$53,762
Earnest money paid−$0
Remaining funds due$53,762
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,080.00
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)$489.50
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$200.02
Prepaid interest, second (9 days)$206.38
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$47,110Through Dec 2026
Assumption only · ends Jul 2051$149,834
Assumption + second · ends Jul 2051, second Jan 2057$326,221
New conventional · ends Jan 2057$536,691