Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,473/mo
Lowest payment- Down payment
- $53,489
- Funds due
- $62,893
- Interest + MI left
- $111,016
- First ends
- Sep 2051
Assumption
Assumption + second
$1,690/mo
+$217/mo- Down payment
- $26,489
- Funds due
- $37,150
- Interest + MI left
- $162,226
- First ends
- Sep 2051
New loan
New conventional
$2,001/mo
+$528/mo- Down payment
- $26,489
- Funds due
- $33,859
- Interest + MI left
- $353,937
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,411 | $206,411 | $233,411 |
| Second mortgage | — | $27,000 | — |
| First P&I | $969.36 | $969.36 | $1,616.09 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $165.60 | $165.60 | $46.68 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,472.96 | $1,690.21 | $2,000.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,489
Closing costs & prepaids$10,661
Usable credit−$0
Total buyer cash needed$37,150
Earnest money paid−$0
Remaining funds due$37,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$372.00
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$16.23
Prepaid interest, second (1 days)$6.66
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 10 moOf the original 30-year loan at 2.870%
Interest already paid$32,720Through Nov 2026
Assumption only · ends Sep 2051$111,016
Assumption + second · ends Sep 2051, second Dec 2056$162,226
New conventional · ends Dec 2056$353,937