Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $117,904
- Funds due
- $127,991
- Interest + MI left
- $97,907
- First ends
- Feb 2051
Assumption
Assumption + second
$2,119/mo
+$692/mo- Down payment
- $31,904
- Funds due
- $43,432
- Interest + MI left
- $261,018
- First ends
- Feb 2051
New loan
New conventional
$2,300/mo
+$873/mo- Down payment
- $31,904
- Funds due
- $40,233
- Interest + MI left
- $406,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,096 | $192,096 | $278,096 |
| Second mortgage | — | $86,000 | — |
| First P&I | $909.40 | $909.40 | $1,883.92 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $157.38 | $157.38 | $55.62 |
| Taxes, insurance & HOA | $360.33 | $360.33 | $360.33 |
| Total housing payment | $1,427.11 | $2,119.09 | $2,299.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,904
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$43,432
Earnest money paid−$0
Remaining funds due$43,432
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$258.99
Prepaid interest, first (9 days)$131.20
Prepaid interest, second (9 days)$190.85
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$33,570Through Dec 2026
Assumption only · ends Feb 2051$97,907
Assumption + second · ends Feb 2051, second Jan 2057$261,018
New conventional · ends Jan 2057$406,567