Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,045/mo
Lowest payment- Down payment
- $128,710
- Funds due
- $140,572
- Interest + MI left
- $104,782
- First ends
- Jan 2051
Assumption
Assumption + second
$2,809/mo
+$764/mo- Down payment
- $33,710
- Funds due
- $46,869
- Interest + MI left
- $284,963
- First ends
- Jan 2051
New loan
New conventional
$3,039/mo
+$994/mo- Down payment
- $33,710
- Funds due
- $43,525
- Interest + MI left
- $453,075
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,790 | $203,790 | $298,790 |
| Second mortgage | — | $95,000 | — |
| First P&I | $967.88 | $967.88 | $2,068.76 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $166.85 | $166.85 | $59.76 |
| Taxes, insurance & HOA | $910.33 | $910.33 | $910.33 |
| Total housing payment | $2,045.06 | $2,809.45 | $3,038.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,710
Closing costs & prepaids$13,159
Usable credit−$0
Total buyer cash needed$46,869
Earnest money paid−$0
Remaining funds due$46,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,325.00
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)$886.00
Initial HOA (3 months)$1,395.00
Prepaid interest, first (2 days)$31.27
Prepaid interest, second (2 days)$46.85
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 2.800%
Interest already paid$35,987Through Nov 2026
Assumption only · ends Jan 2051$104,782
Assumption + second · ends Jan 2051, second Dec 2056$284,963
New conventional · ends Dec 2056$453,075