Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,411/mo
Lowest payment- Down payment
- $101,663
- Funds due
- $111,449
- Interest + MI left
- $103,324
- First ends
- Aug 2051
Assumption
Assumption + second
$1,990/mo
+$579/mo- Down payment
- $29,663
- Funds due
- $40,717
- Interest + MI left
- $239,882
- First ends
- Aug 2051
New loan
New conventional
$2,220/mo
+$809/mo- Down payment
- $29,663
- Funds due
- $37,390
- Interest + MI left
- $394,767
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,337 | $188,337 | $260,337 |
| Second mortgage | — | $72,000 | — |
| First P&I | $894.30 | $894.30 | $1,802.52 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $151.22 | $151.22 | $52.07 |
| Taxes, insurance & HOA | $365.25 | $365.25 | $365.25 |
| Total housing payment | $1,410.76 | $1,990.09 | $2,219.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,663
Closing costs & prepaids$11,054
Usable credit−$0
Total buyer cash needed$40,717
Earnest money paid−$0
Remaining funds due$40,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$402.75
Initial HOA (3 months)$243.00
Prepaid interest, first (1 days)$15.22
Prepaid interest, second (1 days)$17.75
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 2.950%
Interest already paid$31,197Through Nov 2026
Assumption only · ends Aug 2051$103,324
Assumption + second · ends Aug 2051, second Dec 2056$239,882
New conventional · ends Dec 2056$394,767