Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,006/mo
Lowest payment- Down payment
- $77,473
- Funds due
- $88,565
- Interest + MI left
- $131,122
- First ends
- Aug 2051
Assumption
Assumption + second
$2,377/mo
+$370/mo- Down payment
- $31,473
- Funds due
- $43,883
- Interest + MI left
- $218,367
- First ends
- Aug 2051
New loan
New conventional
$2,642/mo
+$636/mo- Down payment
- $31,473
- Funds due
- $40,661
- Interest + MI left
- $407,124
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,477 | $232,477 | $278,477 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,119.70 | $1,119.70 | $1,886.50 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $186.68 | $186.68 | $55.70 |
| Taxes, insurance & HOA | $700.00 | $700.00 | $700.00 |
| Total housing payment | $2,006.38 | $2,376.51 | $2,642.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,473
Closing costs & prepaids$12,409
Usable credit−$0
Total buyer cash needed$43,883
Earnest money paid−$0
Remaining funds due$43,883
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.50
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)$372.00
Initial HOA (3 months)$1,278.00
Prepaid interest, first (6 days)$116.94
Prepaid interest, second (6 days)$68.05
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$40,585Through Dec 2026
Assumption only · ends Aug 2051$131,122
Assumption + second · ends Aug 2051, second Jan 2057$218,367
New conventional · ends Jan 2057$407,124