Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $67,515
- Funds due
- $78,293
- Interest + MI left
- $108,093
- First ends
- Jan 2051
Assumption
Assumption + second
$2,203/mo
+$322/mo- Down payment
- $27,515
- Funds due
- $39,602
- Interest + MI left
- $183,959
- First ends
- Jan 2051
New loan
New conventional
$2,437/mo
+$556/mo- Down payment
- $27,515
- Funds due
- $36,410
- Interest + MI left
- $358,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,485 | $205,485 | $245,485 |
| Second mortgage | — | $40,000 | — |
| First P&I | $987.76 | $987.76 | $1,663.00 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $168.31 | $168.31 | $49.10 |
| Taxes, insurance & HOA | $725.17 | $725.17 | $725.17 |
| Total housing payment | $1,881.24 | $2,203.08 | $2,437.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,515
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$39,602
Earnest money paid−$0
Remaining funds due$39,602
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,730.00
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)$327.50
Initial HOA (3 months)$1,398.00
Prepaid interest, first (6 days)$97.62
Prepaid interest, second (6 days)$59.18
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 1 moOf the original 30-year loan at 2.89%
Interest already paid$38,000Through Dec 2026
Assumption only · ends Jan 2051$108,093
Assumption + second · ends Jan 2051, second Jan 2057$183,959
New conventional · ends Jan 2057$358,940