Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $102,094
- Funds due
- $111,947
- Interest + MI left
- $102,765
- First ends
- Aug 2051
Assumption
Assumption + second
$1,980/mo
+$587/mo- Down payment
- $29,094
- Funds due
- $40,359
- Interest + MI left
- $241,220
- First ends
- Aug 2051
New loan
New conventional
$2,167/mo
+$774/mo- Down payment
- $29,094
- Funds due
- $37,181
- Interest + MI left
- $381,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,906 | $187,906 | $260,906 |
| Second mortgage | — | $73,000 | — |
| First P&I | $894.30 | $894.30 | $1,767.47 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $151.22 | $151.22 | $52.18 |
| Taxes, insurance & HOA | $347.00 | $347.00 | $347.00 |
| Total housing payment | $1,392.51 | $1,979.89 | $2,166.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,094
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$40,359
Earnest money paid−$0
Remaining funds due$40,359
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$243.00
Prepaid interest, first (9 days)$136.68
Prepaid interest, second (9 days)$162.00
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$31,660Through Dec 2026
Assumption only · ends Aug 2051$102,765
Assumption + second · ends Aug 2051, second Jan 2057$241,220
New conventional · ends Jan 2057$381,488