Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $81,405
- Funds due
- $92,171
- Interest + MI left
- $109,198
- First ends
- Feb 2051
Assumption
Assumption + second
$2,263/mo
+$410/mo- Down payment
- $30,405
- Funds due
- $42,446
- Interest + MI left
- $205,927
- First ends
- Feb 2051
New loan
New conventional
$2,554/mo
+$702/mo- Down payment
- $30,405
- Funds due
- $39,141
- Interest + MI left
- $401,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,595 | $213,595 | $264,595 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,008.74 | $1,008.74 | $1,832.00 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $174.57 | $174.57 | $52.92 |
| Taxes, insurance & HOA | $669.33 | $669.33 | $669.33 |
| Total housing payment | $1,852.64 | $2,263.00 | $2,554.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,405
Closing costs & prepaids$12,041
Usable credit−$0
Total buyer cash needed$42,446
Earnest money paid−$0
Remaining funds due$42,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$403.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (2 days)$32.42
Prepaid interest, second (2 days)$25.15
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 2.770%
Interest already paid$36,744Through Nov 2026
Assumption only · ends Feb 2051$109,198
Assumption + second · ends Feb 2051, second Dec 2056$205,927
New conventional · ends Dec 2056$401,170