Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,747/mo
Lowest payment- Down payment
- $85,329
- Funds due
- $95,994
- Interest + MI left
- $102,963
- First ends
- Feb 2051
Assumption
Assumption + second
$2,197/mo
+$451/mo- Down payment
- $29,329
- Funds due
- $41,368
- Interest + MI left
- $209,175
- First ends
- Feb 2051
New loan
New conventional
$2,417/mo
+$670/mo- Down payment
- $29,329
- Funds due
- $38,215
- Interest + MI left
- $373,782
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,671 | $199,671 | $255,671 |
| Second mortgage | — | $56,000 | — |
| First P&I | $949.34 | $949.34 | $1,732.00 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $163.44 | $163.44 | $51.13 |
| Taxes, insurance & HOA | $634.00 | $634.00 | $634.00 |
| Total housing payment | $1,746.78 | $2,197.37 | $2,417.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,329
Closing costs & prepaids$12,040
Usable credit−$0
Total buyer cash needed$41,368
Earnest money paid−$0
Remaining funds due$41,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$1,110.00
Prepaid interest, first (9 days)$138.35
Prepaid interest, second (9 days)$124.27
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 2.81%
Interest already paid$35,382Through Dec 2026
Assumption only · ends Feb 2051$102,963
Assumption + second · ends Feb 2051, second Jan 2057$209,175
New conventional · ends Jan 2057$373,782