Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,179/mo
Lowest payment- Down payment
- $119,251
- Funds due
- $131,458
- Interest + MI left
- $100,647
- First ends
- Jan 2051
Assumption
Assumption + second
$2,879/mo
+$700/mo- Down payment
- $32,251
- Funds due
- $45,729
- Interest + MI left
- $265,655
- First ends
- Jan 2051
New loan
New conventional
$3,103/mo
+$924/mo- Down payment
- $32,251
- Funds due
- $42,378
- Interest + MI left
- $428,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,749 | $195,749 | $282,749 |
| Second mortgage | — | $87,000 | — |
| First P&I | $929.69 | $929.69 | $1,957.70 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $160.27 | $160.27 | $56.55 |
| Taxes, insurance & HOA | $1,089.00 | $1,089.00 | $1,089.00 |
| Total housing payment | $2,178.96 | $2,878.98 | $3,103.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,251
Closing costs & prepaids$13,478
Usable credit−$0
Total buyer cash needed$45,729
Earnest money paid−$0
Remaining funds due$45,729
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$1,827.00
Initial HOA (3 months)$990.00
Prepaid interest, first (1 days)$15.02
Prepaid interest, second (1 days)$21.45
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 2.800%
Interest already paid$34,567Through Nov 2026
Assumption only · ends Jan 2051$100,647
Assumption + second · ends Jan 2051, second Dec 2056$265,655
New conventional · ends Dec 2056$428,751