Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $110,503
- Funds due
- $121,125
- Interest + MI left
- $92,044
- First ends
- Jan 2051
Assumption
Assumption + second
$2,290/mo
+$652/mo- Down payment
- $29,503
- Funds due
- $41,414
- Interest + MI left
- $245,672
- First ends
- Jan 2051
New loan
New conventional
$2,492/mo
+$854/mo- Down payment
- $29,503
- Funds due
- $38,107
- Interest + MI left
- $393,493
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,497 | $178,497 | $259,497 |
| Second mortgage | — | $81,000 | — |
| First P&I | $848.67 | $848.67 | $1,796.70 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $146.11 | $146.11 | $51.90 |
| Taxes, insurance & HOA | $643.08 | $643.08 | $643.08 |
| Total housing payment | $1,637.86 | $2,289.60 | $2,491.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,503
Closing costs & prepaids$11,912
Usable credit−$0
Total buyer cash needed$41,414
Earnest money paid−$0
Remaining funds due$41,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$1,440.25
Initial HOA (3 months)$39.00
Prepaid interest, first (2 days)$27.48
Prepaid interest, second (2 days)$39.95
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 2.810%
Interest already paid$31,630Through Nov 2026
Assumption only · ends Jan 2051$92,044
Assumption + second · ends Jan 2051, second Dec 2056$245,672
New conventional · ends Dec 2056$393,493