Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $63,681
- Funds due
- $74,541
- Interest + MI left
- $119,423
- First ends
- Jan 2051
Assumption
Assumption + second
$2,260/mo
+$274/mo- Down payment
- $29,681
- Funds due
- $41,808
- Interest + MI left
- $183,909
- First ends
- Jan 2051
New loan
New conventional
$2,571/mo
+$584/mo- Down payment
- $29,681
- Funds due
- $38,514
- Interest + MI left
- $394,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,319 | $226,319 | $260,319 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,085.31 | $1,085.31 | $1,802.40 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $184.93 | $184.93 | $52.06 |
| Taxes, insurance & HOA | $716.50 | $716.50 | $716.50 |
| Total housing payment | $1,986.74 | $2,260.31 | $2,570.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,681
Closing costs & prepaids$12,127
Usable credit−$0
Total buyer cash needed$41,808
Earnest money paid−$0
Remaining funds due$41,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$568.50
Initial HOA (3 months)$1,131.00
Prepaid interest, first (2 days)$35.84
Prepaid interest, second (2 days)$16.77
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 2 moOf the original 30-year loan at 2.890%
Interest already paid$41,208Through Nov 2026
Assumption only · ends Jan 2051$119,423
Assumption + second · ends Jan 2051, second Dec 2056$183,909
New conventional · ends Dec 2056$394,739