Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,138/mo
Lowest payment- Down payment
- $66,281
- Funds due
- $75,411
- Interest + MI left
- $61,385
- First ends
- Jan 2051
Assumption
Assumption + second
$1,517/mo
+$378/mo- Down payment
- $19,281
- Funds due
- $29,765
- Interest + MI left
- $150,527
- First ends
- Jan 2051
New loan
New conventional
$1,630/mo
+$491/mo- Down payment
- $19,281
- Funds due
- $26,629
- Interest + MI left
- $242,242
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,719 | $118,719 | $165,719 |
| Second mortgage | — | $47,000 | — |
| First P&I | $567.03 | $567.03 | $1,122.64 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $97.37 | $97.37 | $33.14 |
| Taxes, insurance & HOA | $474.00 | $474.00 | $474.00 |
| Total housing payment | $1,138.40 | $1,516.57 | $1,629.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,281
Closing costs & prepaids$10,484
Usable credit−$0
Total buyer cash needed$29,765
Earnest money paid−$0
Remaining funds due$29,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$222.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$82.84
Prepaid interest, second (9 days)$104.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 2.83%
Interest already paid$21,514Through Dec 2026
Assumption only · ends Jan 2051$61,385
Assumption + second · ends Jan 2051, second Jan 2057$150,527
New conventional · ends Jan 2057$242,242