Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,107/mo
Lowest payment- Down payment
- $54,443
- Funds due
- $65,548
- Interest + MI left
- $127,330
- First ends
- Jan 2051
Assumption
Assumption + second
$2,505/mo
+$397/mo- Down payment
- $15,443
- Funds due
- $27,886
- Interest + MI left
- $231,398
- First ends
- Jan 2051
New loan
New conventional
$2,717/mo
+$609/mo- Down payment
- $15,443
- Funds due
- $24,851
- Interest + MI left
- $417,534
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,547 | $245,547 | $284,547 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,174.04 | $1,174.04 | $1,927.62 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $201.35 | $201.35 | $56.91 |
| Taxes, insurance & HOA | $732.00 | $732.00 | $732.00 |
| Total housing payment | $2,107.39 | $2,504.80 | $2,716.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,443
Closing costs & prepaids$12,443
Usable credit−$0
Total buyer cash needed$27,886
Earnest money paid−$0
Remaining funds due$27,886
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.90
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 (7 days)$133.74
Prepaid interest, second (7 days)$88.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.84%
Interest already paid$44,649Through Dec 2026
Assumption only · ends Jan 2051$127,330
Assumption + second · ends Jan 2051, second Jan 2057$231,398
New conventional · ends Jan 2057$417,534