Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,323/mo
Lowest payment- Down payment
- $112,044
- Funds due
- $122,001
- Interest + MI left
- $77,449
- First ends
- Feb 2051
Assumption
Assumption + second
$2,007/mo
+$684/mo- Down payment
- $27,044
- Funds due
- $38,440
- Interest + MI left
- $238,663
- First ends
- Feb 2051
New loan
New conventional
$2,132/mo
+$809/mo- Down payment
- $27,044
- Funds due
- $35,247
- Interest + MI left
- $346,421
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,956 | $151,956 | $236,956 |
| Second mortgage | — | $85,000 | — |
| First P&I | $719.38 | $719.38 | $1,605.22 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $124.50 | $124.50 | $47.39 |
| Taxes, insurance & HOA | $479.58 | $479.58 | $479.58 |
| Total housing payment | $1,323.45 | $2,007.38 | $2,132.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,044
Closing costs & prepaids$11,396
Usable credit−$0
Total buyer cash needed$38,440
Earnest money paid−$0
Remaining funds due$38,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,640.00
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)$316.75
Initial HOA (3 months)$672.00
Prepaid interest, first (9 days)$103.79
Prepaid interest, second (9 days)$188.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 2.77%
Interest already paid$26,556Through Dec 2026
Assumption only · ends Feb 2051$77,449
Assumption + second · ends Feb 2051, second Jan 2057$238,663
New conventional · ends Jan 2057$346,421