Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,306/mo
Lowest payment- Down payment
- $98,950
- Funds due
- $108,796
- Interest + MI left
- $71,381
- First ends
- Feb 2051
Assumption
Assumption + second
$1,910/mo
+$603/mo- Down payment
- $23,950
- Funds due
- $35,213
- Interest + MI left
- $213,629
- First ends
- Feb 2051
New loan
New conventional
$2,028/mo
+$722/mo- Down payment
- $23,950
- Funds due
- $32,042
- Interest + MI left
- $314,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,050 | $140,050 | $215,050 |
| Second mortgage | — | $75,000 | — |
| First P&I | $663.01 | $663.01 | $1,456.82 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $114.74 | $114.74 | $43.01 |
| Taxes, insurance & HOA | $528.58 | $528.58 | $528.58 |
| Total housing payment | $1,306.33 | $1,909.80 | $2,028.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,950
Closing costs & prepaids$11,263
Usable credit−$0
Total buyer cash needed$35,213
Earnest money paid−$0
Remaining funds due$35,213
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Initial HOA (3 months)$849.00
Prepaid interest, first (9 days)$95.66
Prepaid interest, second (9 days)$166.44
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$24,475Through Dec 2026
Assumption only · ends Feb 2051$71,381
Assumption + second · ends Feb 2051, second Jan 2057$213,629
New conventional · ends Jan 2057$314,439