Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $92,909
- Funds due
- $103,110
- Interest + MI left
- $99,291
- First ends
- Mar 2051
Assumption
Assumption + second
$2,094/mo
+$507/mo- Down payment
- $29,909
- Funds due
- $41,375
- Interest + MI left
- $218,780
- First ends
- Mar 2051
New loan
New conventional
$2,357/mo
+$769/mo- Down payment
- $29,909
- Funds due
- $38,049
- Interest + MI left
- $394,341
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,091 | $197,091 | $260,091 |
| Second mortgage | — | $63,000 | — |
| First P&I | $922.54 | $922.54 | $1,800.82 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $160.90 | $160.90 | $52.02 |
| Taxes, insurance & HOA | $503.83 | $503.83 | $503.83 |
| Total housing payment | $1,587.27 | $2,094.19 | $2,356.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,909
Closing costs & prepaids$11,467
Usable credit−$0
Total buyer cash needed$41,375
Earnest money paid−$0
Remaining funds due$41,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$191.50
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$14.63
Prepaid interest, second (1 days)$15.53
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 4 moOf the original 30-year loan at 2.710%
Interest already paid$32,668Through Nov 2026
Assumption only · ends Mar 2051$99,291
Assumption + second · ends Mar 2051, second Dec 2056$218,780
New conventional · ends Dec 2056$394,341