Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,399/mo
Lowest payment- Down payment
- $127,439
- Funds due
- $137,426
- Interest + MI left
- $98,445
- First ends
- Feb 2051
Assumption
Assumption + second
$2,164/mo
+$764/mo- Down payment
- $32,439
- Funds due
- $43,700
- Interest + MI left
- $278,626
- First ends
- Feb 2051
New loan
New conventional
$2,381/mo
+$982/mo- Down payment
- $32,439
- Funds due
- $40,346
- Interest + MI left
- $436,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,561 | $192,561 | $287,561 |
| Second mortgage | — | $95,000 | — |
| First P&I | $909.40 | $909.40 | $1,991.01 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $157.38 | $157.38 | $57.51 |
| Taxes, insurance & HOA | $332.66 | $332.66 | $332.66 |
| Total housing payment | $1,399.45 | $2,163.84 | $2,381.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,439
Closing costs & prepaids$11,261
Usable credit−$0
Total buyer cash needed$43,700
Earnest money paid−$0
Remaining funds due$43,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$289.00
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$14.61
Prepaid interest, second (1 days)$23.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.770%
Interest already paid$33,126Through Nov 2026
Assumption only · ends Feb 2051$98,445
Assumption + second · ends Feb 2051, second Dec 2056$278,626
New conventional · ends Dec 2056$436,048