Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,476/mo
Lowest payment- Down payment
- $104,218
- Funds due
- $114,614
- Interest + MI left
- $75,550
- First ends
- Mar 2051
Assumption
Assumption + second
$2,136/mo
+$660/mo- Down payment
- $22,218
- Funds due
- $33,985
- Interest + MI left
- $231,075
- First ends
- Mar 2051
New loan
New conventional
$2,145/mo
+$669/mo- Down payment
- $22,218
- Funds due
- $30,748
- Interest + MI left
- $281,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,782 | $110,782 | $192,782 |
| Second mortgage | — | $82,000 | — |
| First P&I | $587.44 | $587.44 | $1,305.97 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $88.54 | $88.54 | $38.56 |
| Taxes, insurance & HOA | $800.00 | $800.00 | $800.00 |
| Total housing payment | $1,475.98 | $2,135.77 | $2,144.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,218
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$33,985
Earnest money paid−$0
Remaining funds due$33,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Initial HOA (3 months)$1,692.00
Prepaid interest, first (6 days)$70.48
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 3 moOf the original 30-year loan at 3.87%
Interest already paid$26,315Through Dec 2026
Assumption only · ends Mar 2051$75,550
Assumption + second · ends Mar 2051, second Jan 2057$231,075
New conventional · ends Jan 2057$281,802