Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,661/mo
Lowest payment- Down payment
- $95,110
- Funds due
- $105,644
- Interest + MI left
- $104,282
- First ends
- Aug 2051
Assumption
Assumption + second
$2,200/mo
+$539/mo- Down payment
- $28,110
- Funds due
- $39,993
- Interest + MI left
- $231,357
- First ends
- Aug 2051
New loan
New conventional
$2,379/mo
+$718/mo- Down payment
- $28,110
- Funds due
- $36,767
- Interest + MI left
- $368,305
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,890 | $184,890 | $251,890 |
| Second mortgage | — | $67,000 | — |
| First P&I | $890.50 | $890.50 | $1,706.39 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $148.47 | $148.47 | $50.38 |
| Taxes, insurance & HOA | $622.00 | $622.00 | $622.00 |
| Total housing payment | $1,660.97 | $2,200.07 | $2,378.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,110
Closing costs & prepaids$11,883
Usable credit−$0
Total buyer cash needed$39,993
Earnest money paid−$0
Remaining funds due$39,993
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$1,080.00
Prepaid interest, first (6 days)$93.00
Prepaid interest, second (6 days)$99.12
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 3.06%
Interest already paid$32,277Through Dec 2026
Assumption only · ends Aug 2051$104,282
Assumption + second · ends Aug 2051, second Jan 2057$231,357
New conventional · ends Jan 2057$368,305