Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $107,101
- Funds due
- $118,009
- Interest + MI left
- $94,312
- First ends
- Jan 2051
Assumption
Assumption + second
$2,387/mo
+$628/mo- Down payment
- $29,101
- Funds due
- $41,279
- Interest + MI left
- $242,250
- First ends
- Jan 2051
New loan
New conventional
$2,598/mo
+$839/mo- Down payment
- $29,101
- Funds due
- $37,957
- Interest + MI left
- $395,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,894 | $182,894 | $260,894 |
| Second mortgage | — | $78,000 | — |
| First P&I | $869.57 | $869.57 | $1,806.38 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $149.71 | $149.71 | $52.18 |
| Taxes, insurance & HOA | $739.83 | $739.83 | $739.83 |
| Total housing payment | $1,759.11 | $2,386.72 | $2,598.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,101
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$41,279
Earnest money paid−$0
Remaining funds due$41,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.95
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)$1,731.00
Initial HOA (3 months)$38.49
Prepaid interest, first (1 days)$14.08
Prepaid interest, second (1 days)$19.23
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$32,409Through Nov 2026
Assumption only · ends Jan 2051$94,312
Assumption + second · ends Jan 2051, second Dec 2056$242,250
New conventional · ends Dec 2056$395,663