Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $101,799
- Funds due
- $111,321
- Interest + MI left
- $100,353
- First ends
- Jun 2051
Assumption
Assumption + second
$1,908/mo
+$595/mo- Down payment
- $27,799
- Funds due
- $38,589
- Interest + MI left
- $240,705
- First ends
- Jun 2051
New loan
New conventional
$2,088/mo
+$776/mo- Down payment
- $27,799
- Funds due
- $35,278
- Interest + MI left
- $374,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,201 | $173,201 | $247,201 |
| Second mortgage | — | $74,000 | — |
| First P&I | $846.05 | $846.05 | $1,711.57 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $139.10 | $139.10 | $49.44 |
| Taxes, insurance & HOA | $327.25 | $327.25 | $327.25 |
| Total housing payment | $1,312.40 | $1,907.82 | $2,088.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,799
Closing costs & prepaids$10,790
Usable credit−$0
Total buyer cash needed$38,589
Earnest money paid−$0
Remaining funds due$38,589
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$150.75
Initial HOA (3 months)$381.00
Prepaid interest, first (1 days)$15.04
Prepaid interest, second (1 days)$18.25
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 3.170%
Interest already paid$31,817Through Nov 2026
Assumption only · ends Jun 2051$100,353
Assumption + second · ends Jun 2051, second Dec 2056$240,705
New conventional · ends Dec 2056$374,848