Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $90,453
- Funds due
- $102,009
- Interest + MI left
- $132,691
- First ends
- Feb 2051
Assumption
Assumption + second
$2,628/mo
+$443/mo- Down payment
- $35,453
- Funds due
- $48,286
- Interest + MI left
- $237,007
- First ends
- Feb 2051
New loan
New conventional
$2,988/mo
+$803/mo- Down payment
- $35,453
- Funds due
- $44,943
- Interest + MI left
- $476,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,547 | $259,547 | $314,547 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,225.76 | $1,225.76 | $2,177.86 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $212.13 | $212.13 | $62.91 |
| Taxes, insurance & HOA | $747.42 | $747.42 | $747.42 |
| Total housing payment | $2,185.30 | $2,627.84 | $2,988.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,453
Closing costs & prepaids$12,834
Usable credit−$0
Total buyer cash needed$48,286
Earnest money paid−$0
Remaining funds due$48,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$322.25
Initial HOA (3 months)$1,470.00
Prepaid interest, first (2 days)$39.39
Prepaid interest, second (2 days)$27.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 2.770%
Interest already paid$44,649Through Nov 2026
Assumption only · ends Feb 2051$132,691
Assumption + second · ends Feb 2051, second Dec 2056$237,007
New conventional · ends Dec 2056$476,969