Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,912/mo
Lowest payment- Down payment
- $89,256
- Funds due
- $99,845
- Interest + MI left
- $158,216
- First ends
- Jun 2051
Assumption
Assumption + second
$2,330/mo
+$418/mo- Down payment
- $37,256
- Funds due
- $49,172
- Interest + MI left
- $256,842
- First ends
- Jun 2051
New loan
New conventional
$2,645/mo
+$733/mo- Down payment
- $37,256
- Funds due
- $45,923
- Interest + MI left
- $486,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,744 | $280,744 | $332,744 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,361.26 | $1,361.26 | $2,254.12 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $226.38 | $226.38 | $66.55 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,911.64 | $2,330.04 | $2,644.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,256
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$49,172
Earnest money paid−$0
Remaining funds due$49,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$78.00
Prepaid interest, first (6 days)$142.14
Prepaid interest, second (6 days)$76.93
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$50,991Through Dec 2026
Assumption only · ends Jun 2051$158,216
Assumption + second · ends Jun 2051, second Jan 2057$256,842
New conventional · ends Jan 2057$486,527