Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $98,611
- Funds due
- $108,190
- Interest + MI left
- $71,773
- First ends
- Feb 2051
Assumption
Assumption + second
$1,841/mo
+$595/mo- Down payment
- $24,611
- Funds due
- $35,458
- Interest + MI left
- $212,124
- First ends
- Feb 2051
New loan
New conventional
$1,995/mo
+$750/mo- Down payment
- $24,611
- Funds due
- $32,177
- Interest + MI left
- $325,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,389 | $140,389 | $214,389 |
| Second mortgage | — | $74,000 | — |
| First P&I | $663.01 | $663.01 | $1,484.39 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $114.74 | $114.74 | $42.88 |
| Taxes, insurance & HOA | $467.75 | $467.75 | $467.75 |
| Total housing payment | $1,245.50 | $1,840.92 | $1,995.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,611
Closing costs & prepaids$10,847
Usable credit−$0
Total buyer cash needed$35,458
Earnest money paid−$0
Remaining funds due$35,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$104.25
Initial HOA (3 months)$849.00
Prepaid interest, first (1 days)$10.65
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$24,151Through Nov 2026
Assumption only · ends Feb 2051$71,773
Assumption + second · ends Feb 2051, second Dec 2056$212,124
New conventional · ends Dec 2056$325,050