Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,525/mo
Lowest payment- Down payment
- $59,343
- Funds due
- $70,894
- Interest + MI left
- $212,556
- First ends
- Sep 2051
Assumption
Assumption + second
$2,892/mo
+$367/mo- Down payment
- $23,343
- Funds due
- $36,215
- Interest + MI left
- $308,619
- First ends
- Sep 2051
New loan
New conventional
$3,335/mo
+$809/mo- Down payment
- $23,343
- Funds due
- $33,176
- Interest + MI left
- $624,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,657 | $389,657 | $425,657 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,846.21 | $1,846.21 | $2,883.55 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $312.98 | $312.98 | $85.13 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,525.44 | $2,892.28 | $3,334.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,343
Closing costs & prepaids$12,872
Usable credit−$0
Total buyer cash needed$36,215
Earnest money paid−$0
Remaining funds due$36,215
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$110.01
Prepaid interest, first (6 days)$187.68
Prepaid interest, second (6 days)$70.27
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$64,120Through Dec 2026
Assumption only · ends Sep 2051$212,556
Assumption + second · ends Sep 2051, second Jan 2057$308,619
New conventional · ends Jan 2057$624,594