Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,177/mo
Lowest payment- Down payment
- $58,233
- Funds due
- $67,298
- Interest + MI left
- $70,550
- First ends
- Oct 2051
Assumption
Assumption + second
$1,491/mo
+$314/mo- Down payment
- $19,233
- Funds due
- $29,567
- Interest + MI left
- $144,519
- First ends
- Oct 2051
New loan
New conventional
$1,669/mo
+$492/mo- Down payment
- $19,233
- Funds due
- $26,353
- Interest + MI left
- $257,429
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,767 | $130,767 | $169,767 |
| Second mortgage | — | $39,000 | — |
| First P&I | $612.70 | $612.70 | $1,175.43 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $104.67 | $104.67 | $33.95 |
| Taxes, insurance & HOA | $459.58 | $459.58 | $459.58 |
| Total housing payment | $1,176.96 | $1,490.76 | $1,668.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,233
Closing costs & prepaids$10,334
Usable credit−$0
Total buyer cash needed$29,567
Earnest money paid−$0
Remaining funds due$29,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$91.75
Initial HOA (3 months)$837.00
Prepaid interest, first (2 days)$20.56
Prepaid interest, second (2 days)$19.23
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$20,369Through Nov 2026
Assumption only · ends Oct 2051$70,550
Assumption + second · ends Oct 2051, second Dec 2056$144,519
New conventional · ends Dec 2056$257,429