Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $38,914
- Funds due
- $49,011
- Interest + MI left
- $92,230
- First ends
- Oct 2051
Assumption
Assumption + second
$1,945/mo
+$285/mo- Down payment
- $10,914
- Funds due
- $22,306
- Interest + MI left
- $166,945
- First ends
- Oct 2051
New loan
New conventional
$2,106/mo
+$447/mo- Down payment
- $10,914
- Funds due
- $19,230
- Interest + MI left
- $291,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,986 | $170,986 | $198,986 |
| Second mortgage | — | $28,000 | — |
| First P&I | $803.87 | $803.87 | $1,348.00 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $137.15 | $137.15 | $39.80 |
| Taxes, insurance & HOA | $718.42 | $718.42 | $718.42 |
| Total housing payment | $1,659.45 | $1,944.77 | $2,106.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,914
Closing costs & prepaids$11,392
Usable credit−$0
Total buyer cash needed$22,306
Earnest money paid−$0
Remaining funds due$22,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$535.25
Initial HOA (3 months)$1,170.00
Prepaid interest, first (5 days)$67.46
Prepaid interest, second (5 days)$45.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 2.88%
Interest already paid$27,196Through Dec 2026
Assumption only · ends Oct 2051$92,230
Assumption + second · ends Oct 2051, second Jan 2057$166,945
New conventional · ends Jan 2057$291,985