Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $136,770
- Funds due
- $147,790
- Interest + MI left
- $143,032
- First ends
- Jan 2051
Assumption
Assumption + second
$2,641/mo
+$764/mo- Down payment
- $41,770
- Funds due
- $54,180
- Interest + MI left
- $323,213
- First ends
- Jan 2051
New loan
New conventional
$2,925/mo
+$1,049/mo- Down payment
- $41,770
- Funds due
- $50,884
- Interest + MI left
- $545,724
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,230 | $278,230 | $373,230 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,326.04 | $1,326.04 | $2,528.39 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $228.30 | $228.30 | $74.65 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,876.34 | $2,640.73 | $2,925.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,770
Closing costs & prepaids$12,410
Usable credit−$0
Total buyer cash needed$54,180
Earnest money paid−$0
Remaining funds due$54,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$18.00
Prepaid interest, first (6 days)$128.52
Prepaid interest, second (6 days)$140.55
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$50,075Through Dec 2026
Assumption only · ends Jan 2051$143,032
Assumption + second · ends Jan 2051, second Jan 2057$323,213
New conventional · ends Jan 2057$545,724