Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $54,349
- Funds due
- $64,392
- Interest + MI left
- $88,129
- First ends
- Mar 2051
Assumption
Assumption + second
$1,849/mo
+$249/mo- Down payment
- $23,349
- Funds due
- $34,688
- Interest + MI left
- $146,925
- First ends
- Mar 2051
New loan
New conventional
$2,082/mo
+$483/mo- Down payment
- $23,349
- Funds due
- $31,528
- Interest + MI left
- $306,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,651 | $178,651 | $209,651 |
| Second mortgage | — | $31,000 | — |
| First P&I | $832.82 | $832.82 | $1,420.25 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $146.39 | $146.39 | $41.93 |
| Taxes, insurance & HOA | $620.17 | $620.17 | $620.17 |
| Total housing payment | $1,599.38 | $1,848.82 | $2,082.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,349
Closing costs & prepaids$11,339
Usable credit−$0
Total buyer cash needed$34,688
Earnest money paid−$0
Remaining funds due$34,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,330.00
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)$279.50
Initial HOA (3 months)$1,131.00
Prepaid interest, first (6 days)$77.82
Prepaid interest, second (6 days)$45.86
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 3 moOf the original 30-year loan at 2.65%
Interest already paid$29,442Through Dec 2026
Assumption only · ends Mar 2051$88,129
Assumption + second · ends Mar 2051, second Jan 2057$146,925
New conventional · ends Jan 2057$306,544