Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $38,271
- Funds due
- $48,152
- Interest + MI left
- $99,559
- First ends
- Aug 2051
Assumption
Assumption + second
$1,878/mo
+$275/mo- Down payment
- $11,271
- Funds due
- $22,481
- Interest + MI left
- $171,606
- First ends
- Aug 2051
New loan
New conventional
$2,046/mo
+$443/mo- Down payment
- $11,271
- Funds due
- $19,476
- Interest + MI left
- $305,988
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,529 | $181,529 | $208,529 |
| Second mortgage | — | $27,000 | — |
| First P&I | $864.89 | $864.89 | $1,412.65 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $146.06 | $146.06 | $41.71 |
| Taxes, insurance & HOA | $591.92 | $591.92 | $591.92 |
| Total housing payment | $1,602.86 | $1,877.99 | $2,046.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,271
Closing costs & prepaids$11,210
Usable credit−$0
Total buyer cash needed$22,481
Earnest money paid−$0
Remaining funds due$22,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,198.00
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)$263.75
Initial HOA (3 months)$1,062.00
Prepaid interest, first (9 days)$132.49
Prepaid interest, second (9 days)$79.06
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$30,686Through Dec 2026
Assumption only · ends Aug 2051$99,559
Assumption + second · ends Aug 2051, second Jan 2057$171,606
New conventional · ends Jan 2057$305,988