Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,372/mo
Lowest payment- Down payment
- $96,070
- Funds due
- $105,838
- Interest + MI left
- $99,497
- First ends
- Oct 2051
Assumption
Assumption + second
$1,911/mo
+$539/mo- Down payment
- $29,070
- Funds due
- $40,236
- Interest + MI left
- $226,572
- First ends
- Oct 2051
New loan
New conventional
$2,141/mo
+$769/mo- Down payment
- $29,070
- Funds due
- $37,079
- Interest + MI left
- $381,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,930 | $193,930 | $260,930 |
| Second mortgage | — | $67,000 | — |
| First P&I | $894.84 | $894.84 | $1,767.63 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $156.07 | $156.07 | $52.19 |
| Taxes, insurance & HOA | $321.00 | $321.00 | $321.00 |
| Total housing payment | $1,371.91 | $1,911.00 | $2,140.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,070
Closing costs & prepaids$11,166
Usable credit−$0
Total buyer cash needed$40,236
Earnest money paid−$0
Remaining funds due$40,236
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)$165.00
Prepaid interest, first (9 days)$129.59
Prepaid interest, second (9 days)$148.68
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 10 moOf the original 30-year loan at 2.71%
Interest already paid$29,075Through Dec 2026
Assumption only · ends Oct 2051$99,497
Assumption + second · ends Oct 2051, second Jan 2057$226,572
New conventional · ends Jan 2057$381,523