Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $87,349
- Funds due
- $97,728
- Interest + MI left
- $120,320
- First ends
- Jul 2051
Assumption
Assumption + second
$2,156/mo
+$459/mo- Down payment
- $30,349
- Funds due
- $42,063
- Interest + MI left
- $228,429
- First ends
- Jul 2051
New loan
New conventional
$2,370/mo
+$672/mo- Down payment
- $30,349
- Funds due
- $38,832
- Interest + MI left
- $390,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,929 | $209,929 | $266,929 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,021.06 | $1,021.06 | $1,808.27 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $168.73 | $168.73 | $53.39 |
| Taxes, insurance & HOA | $507.92 | $507.92 | $507.92 |
| Total housing payment | $1,697.71 | $2,156.34 | $2,369.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,349
Closing costs & prepaids$11,714
Usable credit−$0
Total buyer cash needed$42,063
Earnest money paid−$0
Remaining funds due$42,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,972.78
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)$356.75
Initial HOA (3 months)$717.00
Prepaid interest, first (6 days)$108.01
Prepaid interest, second (6 days)$84.33
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 7 moOf the original 30-year loan at 3.13%
Interest already paid$38,093Through Dec 2026
Assumption only · ends Jul 2051$120,320
Assumption + second · ends Jul 2051, second Jan 2057$228,429
New conventional · ends Jan 2057$390,241