Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,802/mo
Lowest payment- Down payment
- $112,037
- Funds due
- $122,802
- Interest + MI left
- $119,518
- First ends
- Feb 2051
Assumption
Assumption + second
$2,421/mo
+$620/mo- Down payment
- $35,037
- Funds due
- $47,071
- Interest + MI left
- $265,559
- First ends
- Feb 2051
New loan
New conventional
$2,734/mo
+$932/mo- Down payment
- $35,037
- Funds due
- $43,697
- Interest + MI left
- $477,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,963 | $237,963 | $314,963 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,116.55 | $1,116.55 | $2,180.74 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $194.74 | $194.74 | $62.99 |
| Taxes, insurance & HOA | $490.58 | $490.58 | $490.58 |
| Total housing payment | $1,801.88 | $2,421.44 | $2,734.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,037
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$47,071
Earnest money paid−$0
Remaining funds due$47,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.75
Initial HOA (3 months)$129.00
Prepaid interest, first (1 days)$17.67
Prepaid interest, second (1 days)$18.99
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 3 moOf the original 30-year loan at 2.710%
Interest already paid$40,077Through Nov 2026
Assumption only · ends Feb 2051$119,518
Assumption + second · ends Feb 2051, second Dec 2056$265,559
New conventional · ends Dec 2056$477,663