Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,250/mo
Lowest payment- Down payment
- $111,676
- Funds due
- $121,320
- Interest + MI left
- $77,874
- First ends
- Feb 2051
Assumption
Assumption + second
$1,934/mo
+$684/mo- Down payment
- $26,676
- Funds due
- $37,591
- Interest + MI left
- $239,089
- First ends
- Feb 2051
New loan
New conventional
$2,096/mo
+$847/mo- Down payment
- $26,676
- Funds due
- $34,290
- Interest + MI left
- $359,870
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,324 | $152,324 | $237,324 |
| Second mortgage | — | $85,000 | — |
| First P&I | $719.38 | $719.38 | $1,643.18 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $124.50 | $124.50 | $47.46 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $1,249.70 | $1,933.63 | $2,096.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,676
Closing costs & prepaids$10,915
Usable credit−$0
Total buyer cash needed$37,591
Earnest money paid−$0
Remaining funds due$37,591
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,640.00
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)$95.50
Initial HOA (3 months)$672.00
Prepaid interest, first (1 days)$11.56
Prepaid interest, second (1 days)$20.96
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 2.770%
Interest already paid$26,204Through Nov 2026
Assumption only · ends Feb 2051$77,874
Assumption + second · ends Feb 2051, second Dec 2056$239,089
New conventional · ends Dec 2056$359,870