Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,188/mo
Lowest payment- Down payment
- $137,565
- Funds due
- $149,551
- Interest + MI left
- $158,639
- First ends
- Sep 2051
Assumption
Assumption + second
$2,977/mo
+$789/mo- Down payment
- $39,565
- Funds due
- $52,946
- Interest + MI left
- $344,510
- First ends
- Sep 2051
New loan
New conventional
$3,163/mo
+$974/mo- Down payment
- $39,565
- Funds due
- $49,624
- Interest + MI left
- $510,862
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,435 | $251,435 | $349,435 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,262.67 | $1,262.67 | $2,367.19 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $199.92 | $199.92 | $69.89 |
| Taxes, insurance & HOA | $725.58 | $725.58 | $725.58 |
| Total housing payment | $2,188.18 | $2,976.71 | $3,162.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,565
Closing costs & prepaids$13,380
Usable credit−$0
Total buyer cash needed$52,946
Earnest money paid−$0
Remaining funds due$52,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$1,260.00
Prepaid interest, first (6 days)$143.42
Prepaid interest, second (6 days)$144.99
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 3.47%
Interest already paid$48,741Through Dec 2026
Assumption only · ends Sep 2051$158,639
Assumption + second · ends Sep 2051, second Jan 2057$344,510
New conventional · ends Jan 2057$510,862