Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $73,544
- Funds due
- $84,814
- Interest + MI left
- $141,094
- First ends
- Sep 2051
Assumption
Assumption + second
$2,437/mo
+$322/mo- Down payment
- $33,544
- Funds due
- $46,123
- Interest + MI left
- $216,960
- First ends
- Sep 2051
New loan
New conventional
$2,758/mo
+$643/mo- Down payment
- $33,544
- Funds due
- $42,903
- Interest + MI left
- $433,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,456 | $256,456 | $296,456 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,219.08 | $1,219.08 | $2,008.30 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $205.87 | $205.87 | $59.29 |
| Taxes, insurance & HOA | $690.00 | $690.00 | $690.00 |
| Total housing payment | $2,114.95 | $2,436.80 | $2,757.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,544
Closing costs & prepaids$12,579
Usable credit−$0
Total buyer cash needed$46,123
Earnest money paid−$0
Remaining funds due$46,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$1,224.00
Prepaid interest, first (6 days)$124.79
Prepaid interest, second (6 days)$59.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.96%
Interest already paid$42,620Through Dec 2026
Assumption only · ends Sep 2051$141,094
Assumption + second · ends Sep 2051, second Jan 2057$216,960
New conventional · ends Jan 2057$433,408