Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,000/mo
Lowest payment- Down payment
- $76,774
- Funds due
- $85,600
- Interest + MI left
- $61,942
- First ends
- Dec 2051
Assumption
Assumption + second
$1,459/mo
+$459/mo- Down payment
- $19,774
- Funds due
- $29,864
- Interest + MI left
- $170,051
- First ends
- Dec 2051
New loan
New conventional
$1,593/mo
+$592/mo- Down payment
- $19,774
- Funds due
- $26,628
- Interest + MI left
- $257,939
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,126 | $113,126 | $170,126 |
| Second mortgage | — | $57,000 | — |
| First P&I | $529.39 | $529.39 | $1,177.92 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $90.09 | $90.09 | $34.03 |
| Taxes, insurance & HOA | $380.92 | $380.92 | $380.92 |
| Total housing payment | $1,000.40 | $1,459.03 | $1,592.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,774
Closing costs & prepaids$10,090
Usable credit−$0
Total buyer cash needed$29,864
Earnest money paid−$0
Remaining funds due$29,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$122.75
Initial HOA (3 months)$570.00
Prepaid interest, first (1 days)$8.99
Prepaid interest, second (1 days)$14.05
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$17,173Through Nov 2026
Assumption only · ends Dec 2051$61,942
Assumption + second · ends Dec 2051, second Dec 2056$170,051
New conventional · ends Dec 2056$257,939