Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $104,686
- Funds due
- $114,181
- Interest + MI left
- $83,735
- First ends
- Oct 2051
Assumption
Assumption + second
$1,821/mo
+$628/mo- Down payment
- $26,686
- Funds due
- $37,604
- Interest + MI left
- $231,673
- First ends
- Oct 2051
New loan
New conventional
$1,982/mo
+$789/mo- Down payment
- $26,686
- Funds due
- $34,426
- Interest + MI left
- $348,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,314 | $160,314 | $238,314 |
| Second mortgage | — | $78,000 | — |
| First P&I | $744.64 | $744.64 | $1,614.42 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $128.87 | $128.87 | $47.66 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,193.50 | $1,821.11 | $1,982.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,686
Closing costs & prepaids$10,918
Usable credit−$0
Total buyer cash needed$37,604
Earnest money paid−$0
Remaining funds due$37,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$192.00
Prepaid interest, first (9 days)$109.50
Prepaid interest, second (9 days)$173.10
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 2.77%
Interest already paid$24,552Through Dec 2026
Assumption only · ends Oct 2051$83,735
Assumption + second · ends Oct 2051, second Jan 2057$231,673
New conventional · ends Jan 2057$348,454