Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,215/mo
Lowest payment- Down payment
- $57,044
- Funds due
- $65,919
- Interest + MI left
- $92,122
- First ends
- Jun 2051
Assumption
Assumption + second
$1,497/mo
+$282/mo- Down payment
- $22,044
- Funds due
- $32,178
- Interest + MI left
- $158,504
- First ends
- Jun 2051
New loan
New conventional
$1,706/mo
+$491/mo- Down payment
- $22,044
- Funds due
- $28,925
- Interest + MI left
- $300,198
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,946 | $162,946 | $197,946 |
| Second mortgage | — | $35,000 | — |
| First P&I | $788.29 | $788.29 | $1,370.54 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $131.09 | $131.09 | $39.59 |
| Taxes, insurance & HOA | $295.58 | $295.58 | $295.58 |
| Total housing payment | $1,214.97 | $1,496.59 | $1,705.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,044
Closing costs & prepaids$10,134
Usable credit−$0
Total buyer cash needed$32,178
Earnest money paid−$0
Remaining funds due$32,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,199.90
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)$265.75
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$13.75
Prepaid interest, second (1 days)$8.63
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 3.080%
Interest already paid$29,110Through Nov 2026
Assumption only · ends Jun 2051$92,122
Assumption + second · ends Jun 2051, second Dec 2056$158,504
New conventional · ends Dec 2056$300,198