Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,485/mo
Lowest payment- Down payment
- $77,231
- Funds due
- $87,254
- Interest + MI left
- $90,029
- First ends
- Aug 2051
Assumption
Assumption + second
$1,911/mo
+$426/mo- Down payment
- $24,231
- Funds due
- $35,622
- Interest + MI left
- $190,551
- First ends
- Aug 2051
New loan
New conventional
$2,081/mo
+$596/mo- Down payment
- $24,231
- Funds due
- $32,474
- Interest + MI left
- $315,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,769 | $162,769 | $215,769 |
| Second mortgage | — | $53,000 | — |
| First P&I | $778.04 | $778.04 | $1,461.69 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $130.88 | $130.88 | $43.15 |
| Taxes, insurance & HOA | $576.00 | $576.00 | $576.00 |
| Total housing payment | $1,484.92 | $1,911.37 | $2,080.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,231
Closing costs & prepaids$11,391
Usable credit−$0
Total buyer cash needed$35,622
Earnest money paid−$0
Remaining funds due$35,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$990.00
Prepaid interest, first (9 days)$120.00
Prepaid interest, second (9 days)$117.62
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 2.99%
Interest already paid$27,785Through Dec 2026
Assumption only · ends Aug 2051$90,029
Assumption + second · ends Aug 2051, second Jan 2057$190,551
New conventional · ends Jan 2057$315,490