Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,939/mo
Lowest payment- Down payment
- $115,369
- Funds due
- $126,828
- Interest + MI left
- $105,280
- First ends
- Feb 2051
Assumption
Assumption + second
$2,599/mo
+$660/mo- Down payment
- $33,369
- Funds due
- $46,199
- Interest + MI left
- $260,805
- First ends
- Feb 2051
New loan
New conventional
$2,814/mo
+$875/mo- Down payment
- $33,369
- Funds due
- $42,945
- Interest + MI left
- $426,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,631 | $209,631 | $291,631 |
| Second mortgage | — | $82,000 | — |
| First P&I | $987.08 | $987.08 | $1,975.61 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $171.94 | $171.94 | $58.33 |
| Taxes, insurance & HOA | $780.00 | $780.00 | $780.00 |
| Total housing payment | $1,939.01 | $2,598.80 | $2,813.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,369
Closing costs & prepaids$12,830
Usable credit−$0
Total buyer cash needed$46,199
Earnest money paid−$0
Remaining funds due$46,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$93.73
Prepaid interest, second (6 days)$121.32
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$35,994Through Dec 2026
Assumption only · ends Feb 2051$105,280
Assumption + second · ends Feb 2051, second Jan 2057$260,805
New conventional · ends Jan 2057$426,354