Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,220/mo
Lowest payment- Down payment
- $47,119
- Funds due
- $56,140
- Interest + MI left
- $74,570
- First ends
- Aug 2051
Assumption
Assumption + second
$1,445/mo
+$225/mo- Down payment
- $19,119
- Funds due
- $29,404
- Interest + MI left
- $127,676
- First ends
- Aug 2051
New loan
New conventional
$1,640/mo
+$420/mo- Down payment
- $19,119
- Funds due
- $26,194
- Interest + MI left
- $251,503
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,881 | $137,881 | $165,881 |
| Second mortgage | — | $28,000 | — |
| First P&I | $651.15 | $651.15 | $1,148.53 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $110.81 | $110.81 | $33.18 |
| Taxes, insurance & HOA | $457.92 | $457.92 | $457.92 |
| Total housing payment | $1,219.88 | $1,445.17 | $1,639.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,119
Closing costs & prepaids$10,284
Usable credit−$0
Total buyer cash needed$29,404
Earnest money paid−$0
Remaining funds due$29,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$287.75
Initial HOA (3 months)$636.00
Prepaid interest, first (2 days)$21.91
Prepaid interest, second (2 days)$13.81
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 9 moOf the original 30-year loan at 2.900%
Interest already paid$22,463Through Nov 2026
Assumption only · ends Aug 2051$74,570
Assumption + second · ends Aug 2051, second Dec 2056$127,676
New conventional · ends Dec 2056$251,503