Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
Lowest payment- Down payment
- $124,037
- Funds due
- $135,632
- Interest + MI left
- $145,167
- First ends
- Jan 2051
Assumption
Assumption + second
$2,791/mo
+$676/mo- Down payment
- $40,037
- Funds due
- $53,006
- Interest + MI left
- $304,485
- First ends
- Jan 2051
New loan
New conventional
$3,074/mo
+$958/mo- Down payment
- $40,037
- Funds due
- $49,725
- Interest + MI left
- $526,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,962 | $275,962 | $359,962 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,326.54 | $1,326.54 | $2,438.51 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $226.04 | $226.04 | $71.99 |
| Taxes, insurance & HOA | $563.00 | $563.00 | $563.00 |
| Total housing payment | $2,115.57 | $2,791.46 | $3,073.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,037
Closing costs & prepaids$12,969
Usable credit−$0
Total buyer cash needed$53,006
Earnest money paid−$0
Remaining funds due$53,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$480.00
Initial HOA (3 months)$759.00
Prepaid interest, first (6 days)$131.10
Prepaid interest, second (6 days)$124.27
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 1 moOf the original 30-year loan at 2.89%
Interest already paid$51,033Through Dec 2026
Assumption only · ends Jan 2051$145,167
Assumption + second · ends Jan 2051, second Jan 2057$304,485
New conventional · ends Jan 2057$526,324