Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,065/mo
Lowest payment- Down payment
- $43,995
- Funds due
- $52,542
- Interest + MI left
- $71,376
- First ends
- Jun 2051
Assumption
Assumption + second
$1,282/mo
+$217/mo- Down payment
- $16,995
- Funds due
- $26,799
- Interest + MI left
- $122,586
- First ends
- Jun 2051
New loan
New conventional
$1,443/mo
+$378/mo- Down payment
- $16,995
- Funds due
- $23,593
- Interest + MI left
- $231,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,905 | $125,905 | $152,905 |
| Second mortgage | — | $27,000 | — |
| First P&I | $609.75 | $609.75 | $1,058.68 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $101.27 | $101.27 | $30.58 |
| Taxes, insurance & HOA | $354.17 | $354.17 | $354.17 |
| Total housing payment | $1,065.19 | $1,282.44 | $1,443.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,995
Closing costs & prepaids$9,804
Usable credit−$0
Total buyer cash needed$26,799
Earnest money paid−$0
Remaining funds due$26,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$66.50
Initial HOA (3 months)$546.00
Prepaid interest, first (1 days)$10.66
Prepaid interest, second (1 days)$6.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.090%
Interest already paid$22,564Through Nov 2026
Assumption only · ends Jun 2051$71,376
Assumption + second · ends Jun 2051, second Dec 2056$122,586
New conventional · ends Dec 2056$231,891