Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,234/mo
Lowest payment- Down payment
- $146,270
- Funds due
- $156,307
- Interest + MI left
- $76,704
- First ends
- Feb 2051
Assumption
Assumption + second
$2,085/mo
+$851/mo- Down payment
- $30,270
- Funds due
- $41,785
- Interest + MI left
- $267,124
- First ends
- Feb 2051
New loan
New conventional
$2,264/mo
+$1,030/mo- Down payment
- $30,270
- Funds due
- $38,577
- Interest + MI left
- $392,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,730 | $152,730 | $268,730 |
| Second mortgage | — | $116,000 | — |
| First P&I | $719.15 | $719.15 | $1,820.47 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $125.27 | $125.27 | $53.75 |
| Taxes, insurance & HOA | $389.58 | $389.58 | $389.58 |
| Total housing payment | $1,234.00 | $2,085.17 | $2,263.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,270
Closing costs & prepaids$11,515
Usable credit−$0
Total buyer cash needed$41,785
Earnest money paid−$0
Remaining funds due$41,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$102.43
Prepaid interest, second (9 days)$228.82
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 2.72%
Interest already paid$26,224Through Dec 2026
Assumption only · ends Feb 2051$76,704
Assumption + second · ends Feb 2051, second Jan 2057$267,124
New conventional · ends Jan 2057$392,928