Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,389/mo
Lowest payment- Down payment
- $91,168
- Funds due
- $100,681
- Interest + MI left
- $106,051
- First ends
- Feb 2051
Assumption
Assumption + second
$1,880/mo
+$491/mo- Down payment
- $30,168
- Funds due
- $40,961
- Interest + MI left
- $221,746
- First ends
- Feb 2051
New loan
New conventional
$2,150/mo
+$761/mo- Down payment
- $30,168
- Funds due
- $37,656
- Interest + MI left
- $406,132
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,832 | $206,832 | $267,832 |
| Second mortgage | — | $61,000 | — |
| First P&I | $977.85 | $977.85 | $1,854.41 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $169.01 | $169.01 | $53.57 |
| Taxes, insurance & HOA | $242.08 | $242.08 | $242.08 |
| Total housing payment | $1,388.94 | $1,879.76 | $2,150.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,168
Closing costs & prepaids$10,793
Usable credit−$0
Total buyer cash needed$40,961
Earnest money paid−$0
Remaining funds due$40,961
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$177.25
Initial HOA (3 months)$99.00
Prepaid interest, first (2 days)$31.51
Prepaid interest, second (2 days)$30.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.780%
Interest already paid$35,705Through Nov 2026
Assumption only · ends Feb 2051$106,051
Assumption + second · ends Feb 2051, second Dec 2056$221,746
New conventional · ends Dec 2056$406,132