Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $45,287
- Funds due
- $56,509
- Interest + MI left
- $139,339
- First ends
- Jun 2051
Assumption
Assumption + second
$2,525/mo
+$306/mo- Down payment
- $15,287
- Funds due
- $27,778
- Interest + MI left
- $219,391
- First ends
- Jun 2051
New loan
New conventional
$2,794/mo
+$574/mo- Down payment
- $15,287
- Funds due
- $24,626
- Interest + MI left
- $418,658
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,113 | $245,113 | $275,113 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,188.35 | $1,188.35 | $1,904.83 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $197.12 | $197.12 | $55.02 |
| Taxes, insurance & HOA | $833.83 | $833.83 | $833.83 |
| Total housing payment | $2,219.30 | $2,525.00 | $2,793.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,287
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$27,778
Earnest money paid−$0
Remaining funds due$27,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,904.00
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)$2,026.50
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$41.64
Prepaid interest, second (2 days)$19.52
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 7 moOf the original 30-year loan at 3.100%
Interest already paid$44,065Through Nov 2026
Assumption only · ends Jun 2051$139,339
Assumption + second · ends Jun 2051, second Dec 2056$219,391
New conventional · ends Dec 2056$418,658