Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $109,335
- Funds due
- $120,765
- Interest + MI left
- $121,026
- First ends
- Oct 2051
Assumption
Assumption + second
$2,578/mo
+$603/mo- Down payment
- $34,335
- Funds due
- $47,125
- Interest + MI left
- $263,274
- First ends
- Oct 2051
New loan
New conventional
$2,844/mo
+$870/mo- Down payment
- $34,335
- Funds due
- $43,875
- Interest + MI left
- $445,471
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,665 | $229,665 | $304,665 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,070.30 | $1,070.30 | $2,063.91 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $184.51 | $184.51 | $60.93 |
| Taxes, insurance & HOA | $719.58 | $719.58 | $719.58 |
| Total housing payment | $1,974.39 | $2,577.85 | $2,844.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,335
Closing costs & prepaids$12,790
Usable credit−$0
Total buyer cash needed$47,125
Earnest money paid−$0
Remaining funds due$47,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Initial HOA (3 months)$1,302.00
Prepaid interest, first (6 days)$105.71
Prepaid interest, second (6 days)$110.96
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$35,543Through Dec 2026
Assumption only · ends Oct 2051$121,026
Assumption + second · ends Oct 2051, second Jan 2057$263,274
New conventional · ends Jan 2057$445,471