Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $50,827
- Funds due
- $61,376
- Interest + MI left
- $125,635
- First ends
- Aug 2051
Assumption
Assumption + second
$2,264/mo
+$367/mo- Down payment
- $14,827
- Funds due
- $26,696
- Interest + MI left
- $221,697
- First ends
- Aug 2051
New loan
New conventional
$2,470/mo
+$573/mo- Down payment
- $14,827
- Funds due
- $23,629
- Interest + MI left
- $388,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,073 | $229,073 | $265,073 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,091.41 | $1,091.41 | $1,795.70 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $184.31 | $184.31 | $53.01 |
| Taxes, insurance & HOA | $621.00 | $621.00 | $621.00 |
| Total housing payment | $1,896.72 | $2,263.56 | $2,469.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,827
Closing costs & prepaids$11,869
Usable credit−$0
Total buyer cash needed$26,696
Earnest money paid−$0
Remaining funds due$26,696
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)$1,077.00
Prepaid interest, first (6 days)$111.46
Prepaid interest, second (6 days)$70.27
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$38,723Through Dec 2026
Assumption only · ends Aug 2051$125,635
Assumption + second · ends Aug 2051, second Jan 2057$221,697
New conventional · ends Jan 2057$388,959