Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $61,779
- Funds due
- $71,808
- Interest + MI left
- $93,462
- First ends
- Jun 2051
Assumption
Assumption + second
$1,875/mo
+$306/mo- Down payment
- $23,779
- Funds due
- $35,114
- Interest + MI left
- $165,534
- First ends
- Jun 2051
New loan
New conventional
$2,058/mo
+$488/mo- Down payment
- $23,779
- Funds due
- $31,928
- Interest + MI left
- $299,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,221 | $167,221 | $205,221 |
| Second mortgage | — | $38,000 | — |
| First P&I | $808.20 | $808.20 | $1,390.24 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $134.92 | $134.92 | $41.04 |
| Taxes, insurance & HOA | $626.58 | $626.58 | $626.58 |
| Total housing payment | $1,569.70 | $1,875.46 | $2,057.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,779
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$35,114
Earnest money paid−$0
Remaining funds due$35,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,290.00
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)$274.75
Initial HOA (3 months)$1,155.00
Prepaid interest, first (6 days)$83.84
Prepaid interest, second (6 days)$56.22
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$30,086Through Dec 2026
Assumption only · ends Jun 2051$93,462
Assumption + second · ends Jun 2051, second Jan 2057$165,534
New conventional · ends Jan 2057$299,985