Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$815/mo
Lowest payment- Down payment
- $108,047
- Funds due
- $116,748
- Interest + MI left
- $47,174
- First ends
- Jan 2051
Assumption
Assumption + second
$1,523/mo
+$708/mo- Down payment
- $20,047
- Funds due
- $30,041
- Interest + MI left
- $214,078
- First ends
- Jan 2051
New loan
New conventional
$1,582/mo
+$767/mo- Down payment
- $20,047
- Funds due
- $26,806
- Interest + MI left
- $271,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,953 | $90,953 | $178,953 |
| Second mortgage | — | $88,000 | — |
| First P&I | $433.37 | $433.37 | $1,239.03 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $74.42 | $74.42 | $35.79 |
| Taxes, insurance & HOA | $307.33 | $307.33 | $307.33 |
| Total housing payment | $815.12 | $1,523.18 | $1,582.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,047
Closing costs & prepaids$9,994
Usable credit−$0
Total buyer cash needed$30,041
Earnest money paid−$0
Remaining funds due$30,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$360.00
Initial HOA (3 months)$111.99
Prepaid interest, first (2 days)$14.10
Prepaid interest, second (2 days)$43.40
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 2.830%
Interest already paid$16,228Through Nov 2026
Assumption only · ends Jan 2051$47,174
Assumption + second · ends Jan 2051, second Dec 2056$214,078
New conventional · ends Dec 2056$271,394