Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,404/mo
Lowest payment- Down payment
- $95,726
- Funds due
- $105,358
- Interest + MI left
- $109,634
- First ends
- Aug 2051
Assumption
Assumption + second
$1,935/mo
+$531/mo- Down payment
- $29,726
- Funds due
- $40,624
- Interest + MI left
- $234,812
- First ends
- Aug 2051
New loan
New conventional
$2,187/mo
+$783/mo- Down payment
- $29,726
- Funds due
- $37,298
- Interest + MI left
- $402,306
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,274 | $199,274 | $265,274 |
| Second mortgage | — | $66,000 | — |
| First P&I | $947.26 | $947.26 | $1,836.70 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $159.97 | $159.97 | $53.05 |
| Taxes, insurance & HOA | $296.83 | $296.83 | $296.83 |
| Total housing payment | $1,404.06 | $1,935.11 | $2,186.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,726
Closing costs & prepaids$10,898
Usable credit−$0
Total buyer cash needed$40,624
Earnest money paid−$0
Remaining funds due$40,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$269.50
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$16.16
Prepaid interest, second (1 days)$16.27
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$33,117Through Nov 2026
Assumption only · ends Aug 2051$109,634
Assumption + second · ends Aug 2051, second Dec 2056$234,812
New conventional · ends Dec 2056$402,306