Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $54,887
- Funds due
- $64,653
- Interest + MI left
- $115,020
- First ends
- Feb 2051
Assumption
Assumption + second
$1,806/mo
+$209/mo- Down payment
- $28,887
- Funds due
- $39,961
- Interest + MI left
- $164,333
- First ends
- Feb 2051
New loan
New conventional
$2,097/mo
+$500/mo- Down payment
- $28,887
- Funds due
- $36,855
- Interest + MI left
- $366,922
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,013 | $225,013 | $251,013 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,066.38 | $1,066.38 | $1,700.45 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $184.31 | $184.31 | $50.20 |
| Taxes, insurance & HOA | $346.00 | $346.00 | $346.00 |
| Total housing payment | $1,596.69 | $1,805.89 | $2,096.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,887
Closing costs & prepaids$11,074
Usable credit−$0
Total buyer cash needed$39,961
Earnest money paid−$0
Remaining funds due$39,961
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$336.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$154.24
Prepaid interest, second (9 days)$57.70
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 2.78%
Interest already paid$39,460Through Dec 2026
Assumption only · ends Feb 2051$115,020
Assumption + second · ends Feb 2051, second Jan 2057$164,333
New conventional · ends Jan 2057$366,922