Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $93,386
- Funds due
- $103,860
- Interest + MI left
- $98,750
- First ends
- Mar 2051
Assumption
Assumption + second
$2,154/mo
+$515/mo- Down payment
- $29,386
- Funds due
- $41,252
- Interest + MI left
- $220,135
- First ends
- Mar 2051
New loan
New conventional
$2,374/mo
+$734/mo- Down payment
- $29,386
- Funds due
- $38,097
- Interest + MI left
- $381,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,614 | $196,614 | $260,614 |
| Second mortgage | — | $64,000 | — |
| First P&I | $922.54 | $922.54 | $1,765.49 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $160.90 | $160.90 | $52.12 |
| Taxes, insurance & HOA | $556.00 | $556.00 | $556.00 |
| Total housing payment | $1,639.44 | $2,154.40 | $2,373.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,386
Closing costs & prepaids$11,866
Usable credit−$0
Total buyer cash needed$41,252
Earnest money paid−$0
Remaining funds due$41,252
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)$870.00
Prepaid interest, first (9 days)$131.38
Prepaid interest, second (9 days)$142.03
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$33,113Through Dec 2026
Assumption only · ends Mar 2051$98,750
Assumption + second · ends Mar 2051, second Jan 2057$220,135
New conventional · ends Jan 2057$381,061