Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $75,453
- Funds due
- $85,273
- Interest + MI left
- $110,290
- First ends
- Jun 2051
Assumption
Assumption + second
$1,928/mo
+$386/mo- Down payment
- $27,453
- Funds due
- $38,534
- Interest + MI left
- $201,329
- First ends
- Jun 2051
New loan
New conventional
$2,171/mo
+$629/mo- Down payment
- $27,453
- Funds due
- $35,231
- Interest + MI left
- $367,790
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,547 | $194,547 | $242,547 |
| Second mortgage | — | $48,000 | — |
| First P&I | $942.18 | $942.18 | $1,679.35 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $156.49 | $156.49 | $48.51 |
| Taxes, insurance & HOA | $442.83 | $442.83 | $442.83 |
| Total housing payment | $1,541.50 | $1,927.72 | $2,170.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,453
Closing costs & prepaids$11,082
Usable credit−$0
Total buyer cash needed$38,534
Earnest money paid−$0
Remaining funds due$38,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$218.50
Initial HOA (3 months)$660.00
Prepaid interest, first (1 days)$16.47
Prepaid interest, second (1 days)$11.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.090%
Interest already paid$34,865Through Nov 2026
Assumption only · ends Jun 2051$110,290
Assumption + second · ends Jun 2051, second Dec 2056$201,329
New conventional · ends Dec 2056$367,790