Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,729/mo
Lowest payment- Down payment
- $84,848
- Funds due
- $95,353
- Interest + MI left
- $103,529
- First ends
- Feb 2051
Assumption
Assumption + second
$2,180/mo
+$451/mo- Down payment
- $28,848
- Funds due
- $40,631
- Interest + MI left
- $209,741
- First ends
- Feb 2051
New loan
New conventional
$2,441/mo
+$712/mo- Down payment
- $28,848
- Funds due
- $37,338
- Interest + MI left
- $388,421
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,152 | $200,152 | $256,152 |
| Second mortgage | — | $56,000 | — |
| First P&I | $949.34 | $949.34 | $1,773.54 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $163.44 | $163.44 | $51.23 |
| Taxes, insurance & HOA | $616.42 | $616.42 | $616.42 |
| Total housing payment | $1,729.20 | $2,179.79 | $2,441.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,848
Closing costs & prepaids$11,783
Usable credit−$0
Total buyer cash needed$40,631
Earnest money paid−$0
Remaining funds due$40,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$289.25
Initial HOA (3 months)$1,110.00
Prepaid interest, first (2 days)$30.82
Prepaid interest, second (2 days)$27.62
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 2.810%
Interest already paid$34,913Through Nov 2026
Assumption only · ends Feb 2051$103,529
Assumption + second · ends Feb 2051, second Dec 2056$209,741
New conventional · ends Dec 2056$388,421