Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,602/mo
Lowest payment- Down payment
- $88,005
- Funds due
- $98,774
- Interest + MI left
- $114,177
- First ends
- Jan 2051
Assumption
Assumption + second
$2,061/mo
+$459/mo- Down payment
- $31,005
- Funds due
- $43,038
- Interest + MI left
- $222,285
- First ends
- Jan 2051
New loan
New conventional
$2,338/mo
+$735/mo- Down payment
- $31,005
- Funds due
- $39,703
- Interest + MI left
- $415,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,995 | $216,995 | $273,995 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,039.48 | $1,039.48 | $1,897.09 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $177.35 | $177.35 | $54.80 |
| Taxes, insurance & HOA | $385.62 | $385.62 | $385.62 |
| Total housing payment | $1,602.46 | $2,061.09 | $2,337.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,005
Closing costs & prepaids$12,034
Usable credit−$0
Total buyer cash needed$43,038
Earnest money paid−$0
Remaining funds due$43,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,570.52
Insurance escrow (3 months)$642.63
Property tax escrow (3 months)$255.25
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$17.12
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 closing24 yr 2 moOf the original 30-year loan at 2.880%
Interest already paid$39,378Through Nov 2026
Assumption only · ends Jan 2051$114,177
Assumption + second · ends Jan 2051, second Dec 2056$222,285
New conventional · ends Dec 2056$415,477