Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $130,069
- Funds due
- $140,186
- Interest + MI left
- $78,852
- First ends
- Mar 2051
Assumption
Assumption + second
$2,090/mo
+$741/mo- Down payment
- $29,069
- Funds due
- $40,458
- Interest + MI left
- $244,649
- First ends
- Mar 2051
New loan
New conventional
$2,328/mo
+$979/mo- Down payment
- $29,069
- Funds due
- $37,136
- Interest + MI left
- $392,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,931 | $157,931 | $258,931 |
| Second mortgage | — | $101,000 | — |
| First P&I | $736.83 | $736.83 | $1,792.79 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $129.02 | $129.02 | $51.79 |
| Taxes, insurance & HOA | $483.42 | $483.42 | $483.42 |
| Total housing payment | $1,349.26 | $2,090.36 | $2,327.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,069
Closing costs & prepaids$11,389
Usable credit−$0
Total buyer cash needed$40,458
Earnest money paid−$0
Remaining funds due$40,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,880.00
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)$205.25
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$11.60
Prepaid interest, second (1 days)$22.14
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$25,896Through Nov 2026
Assumption only · ends Mar 2051$78,852
Assumption + second · ends Mar 2051, second Dec 2056$244,649
New conventional · ends Dec 2056$392,686