Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $95,614
- Funds due
- $105,292
- Interest + MI left
- $100,034
- First ends
- Oct 2051
Assumption
Assumption + second
$1,911/mo
+$531/mo- Down payment
- $29,614
- Funds due
- $40,558
- Interest + MI left
- $225,213
- First ends
- Oct 2051
New loan
New conventional
$2,184/mo
+$804/mo- Down payment
- $29,614
- Funds due
- $37,234
- Interest + MI left
- $394,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,386 | $194,386 | $260,386 |
| Second mortgage | — | $66,000 | — |
| First P&I | $894.84 | $894.84 | $1,802.86 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $156.07 | $156.07 | $52.08 |
| Taxes, insurance & HOA | $329.50 | $329.50 | $329.50 |
| Total housing payment | $1,380.41 | $1,911.46 | $2,184.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,614
Closing costs & prepaids$10,944
Usable credit−$0
Total buyer cash needed$40,558
Earnest money paid−$0
Remaining funds due$40,558
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)$373.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$14.43
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 11 moOf the original 30-year loan at 2.710%
Interest already paid$28,636Through Nov 2026
Assumption only · ends Oct 2051$100,034
Assumption + second · ends Oct 2051, second Dec 2056$225,213
New conventional · ends Dec 2056$394,841