Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $41,392
- Funds due
- $50,681
- Interest + MI left
- $95,585
- First ends
- Jun 2051
Assumption
Assumption + second
$1,725/mo
+$306/mo- Down payment
- $11,392
- Funds due
- $21,941
- Interest + MI left
- $175,637
- First ends
- Jun 2051
New loan
New conventional
$1,882/mo
+$463/mo- Down payment
- $11,392
- Funds due
- $18,794
- Interest + MI left
- $302,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,608 | $168,608 | $198,608 |
| Second mortgage | — | $30,000 | — |
| First P&I | $816.56 | $816.56 | $1,375.12 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $135.62 | $135.62 | $39.72 |
| Taxes, insurance & HOA | $466.75 | $466.75 | $466.75 |
| Total housing payment | $1,418.93 | $1,724.63 | $1,881.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,392
Closing costs & prepaids$10,549
Usable credit−$0
Total buyer cash needed$21,941
Earnest money paid−$0
Remaining funds due$21,941
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$185.25
Initial HOA (3 months)$765.00
Prepaid interest, first (1 days)$14.27
Prepaid interest, second (1 days)$9.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.090%
Interest already paid$30,217Through Nov 2026
Assumption only · ends Jun 2051$95,585
Assumption + second · ends Jun 2051, second Dec 2056$175,637
New conventional · ends Dec 2056$302,195