Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,449/mo
Lowest payment- Down payment
- $91,667
- Funds due
- $101,470
- Interest + MI left
- $105,472
- First ends
- Feb 2051
Assumption
Assumption + second
$1,940/mo
+$491/mo- Down payment
- $30,667
- Funds due
- $41,855
- Interest + MI left
- $221,167
- First ends
- Feb 2051
New loan
New conventional
$2,167/mo
+$718/mo- Down payment
- $30,667
- Funds due
- $38,695
- Interest + MI left
- $390,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,333 | $206,333 | $267,333 |
| Second mortgage | — | $61,000 | — |
| First P&I | $977.85 | $977.85 | $1,811.01 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $169.01 | $169.01 | $53.47 |
| Taxes, insurance & HOA | $302.17 | $302.17 | $302.17 |
| Total housing payment | $1,449.02 | $1,939.84 | $2,166.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,667
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$41,855
Earnest money paid−$0
Remaining funds due$41,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,980.00
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)$357.50
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$141.44
Prepaid interest, second (9 days)$135.37
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 2.78%
Interest already paid$36,184Through Dec 2026
Assumption only · ends Feb 2051$105,472
Assumption + second · ends Feb 2051, second Jan 2057$221,167
New conventional · ends Jan 2057$390,832