Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,658/mo
Lowest payment- Down payment
- $122,535
- Funds due
- $133,172
- Interest + MI left
- $111,374
- First ends
- Jul 2051
Assumption
Assumption + second
$2,382/mo
+$724/mo- Down payment
- $32,535
- Funds due
- $44,445
- Interest + MI left
- $282,072
- First ends
- Jul 2051
New loan
New conventional
$2,597/mo
+$938/mo- Down payment
- $32,535
- Funds due
- $41,089
- Interest + MI left
- $435,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,464 | $197,464 | $287,464 |
| Second mortgage | — | $90,000 | — |
| First P&I | $951.06 | $951.06 | $1,990.34 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $158.57 | $158.57 | $57.49 |
| Taxes, insurance & HOA | $548.67 | $548.67 | $548.67 |
| Total housing payment | $1,658.30 | $2,382.46 | $2,596.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,535
Closing costs & prepaids$11,910
Usable credit−$0
Total buyer cash needed$44,445
Earnest money paid−$0
Remaining funds due$44,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.99
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)$110.00
Initial HOA (3 months)$1,086.00
Prepaid interest, first (1 days)$16.55
Prepaid interest, second (1 days)$22.19
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$34,472Through Nov 2026
Assumption only · ends Jul 2051$111,374
Assumption + second · ends Jul 2051, second Dec 2056$282,072
New conventional · ends Dec 2056$435,901