Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $47,434
- Funds due
- $58,458
- Interest + MI left
- $155,135
- First ends
- Jun 2051
Assumption
Assumption + second
$2,501/mo
+$316/mo- Down payment
- $16,434
- Funds due
- $28,769
- Interest + MI left
- $237,856
- First ends
- Jun 2051
New loan
New conventional
$2,772/mo
+$587/mo- Down payment
- $16,434
- Funds due
- $25,719
- Interest + MI left
- $452,841
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,566 | $277,566 | $308,566 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,341.51 | $1,341.51 | $2,090.33 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $223.95 | $223.95 | $61.71 |
| Taxes, insurance & HOA | $620.00 | $620.00 | $620.00 |
| Total housing payment | $2,185.47 | $2,501.36 | $2,772.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,434
Closing costs & prepaids$12,335
Usable credit−$0
Total buyer cash needed$28,769
Earnest money paid−$0
Remaining funds due$28,769
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (6 days)$139.16
Prepaid interest, second (6 days)$60.51
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 3.05%
Interest already paid$49,939Through Dec 2026
Assumption only · ends Jun 2051$155,135
Assumption + second · ends Jun 2051, second Jan 2057$237,856
New conventional · ends Jan 2057$452,841