Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
Lowest payment- Down payment
- $122,981
- Funds due
- $134,682
- Interest + MI left
- $161,188
- First ends
- Jun 2051
Assumption
Assumption + second
$2,841/mo
+$660/mo- Down payment
- $40,981
- Funds due
- $54,053
- Interest + MI left
- $316,713
- First ends
- Jun 2051
New loan
New conventional
$3,130/mo
+$949/mo- Down payment
- $40,981
- Funds due
- $50,761
- Interest + MI left
- $538,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,019 | $286,019 | $368,019 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,386.83 | $1,386.83 | $2,493.09 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $230.63 | $230.63 | $73.60 |
| Taxes, insurance & HOA | $563.58 | $563.58 | $563.58 |
| Total housing payment | $2,181.05 | $2,840.84 | $3,130.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,981
Closing costs & prepaids$13,072
Usable credit−$0
Total buyer cash needed$54,053
Earnest money paid−$0
Remaining funds due$54,053
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$490.75
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$144.81
Prepaid interest, second (6 days)$121.32
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 6 moOf the original 30-year loan at 3.08%
Interest already paid$51,949Through Dec 2026
Assumption only · ends Jun 2051$161,188
Assumption + second · ends Jun 2051, second Jan 2057$316,713
New conventional · ends Jan 2057$538,105