Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $56,615
- Funds due
- $67,697
- Interest + MI left
- $124,048
- First ends
- Feb 2051
Assumption
Assumption + second
$2,293/mo
+$209/mo- Down payment
- $30,615
- Funds due
- $42,985
- Interest + MI left
- $173,361
- First ends
- Feb 2051
New loan
New conventional
$2,611/mo
+$527/mo- Down payment
- $30,615
- Funds due
- $39,798
- Interest + MI left
- $393,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,385 | $243,385 | $269,385 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,152.21 | $1,152.21 | $1,824.91 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $199.40 | $199.40 | $53.88 |
| Taxes, insurance & HOA | $732.00 | $732.00 | $732.00 |
| Total housing payment | $2,083.61 | $2,292.81 | $2,610.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,615
Closing costs & prepaids$12,370
Usable credit−$0
Total buyer cash needed$42,985
Earnest money paid−$0
Remaining funds due$42,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$1,386.00
Prepaid interest, first (6 days)$110.82
Prepaid interest, second (6 days)$38.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.77%
Interest already paid$42,534Through Dec 2026
Assumption only · ends Feb 2051$124,048
Assumption + second · ends Feb 2051, second Jan 2057$173,361
New conventional · ends Jan 2057$393,832