Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $95,470
- Funds due
- $106,000
- Interest + MI left
- $101,205
- First ends
- Aug 2051
Assumption
Assumption + second
$2,189/mo
+$539/mo- Down payment
- $28,470
- Funds due
- $40,350
- Interest + MI left
- $228,280
- First ends
- Aug 2051
New loan
New conventional
$2,376/mo
+$727/mo- Down payment
- $28,470
- Funds due
- $37,123
- Interest + MI left
- $367,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,530 | $184,530 | $251,530 |
| Second mortgage | — | $67,000 | — |
| First P&I | $879.19 | $879.19 | $1,703.95 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $148.47 | $148.47 | $50.31 |
| Taxes, insurance & HOA | $622.00 | $622.00 | $622.00 |
| Total housing payment | $1,649.66 | $2,188.76 | $2,376.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,470
Closing costs & prepaids$11,880
Usable credit−$0
Total buyer cash needed$40,350
Earnest money paid−$0
Remaining funds due$40,350
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)$89.79
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 2.96%
Interest already paid$31,193Through Dec 2026
Assumption only · ends Aug 2051$101,205
Assumption + second · ends Aug 2051, second Jan 2057$228,280
New conventional · ends Jan 2057$367,728