Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,489/mo
Lowest payment- Down payment
- $72,889
- Funds due
- $83,019
- Interest + MI left
- $73,838
- First ends
- Nov 2051
Assumption
Assumption + second
$1,899/mo
+$410/mo- Down payment
- $21,889
- Funds due
- $33,319
- Interest + MI left
- $170,567
- First ends
- Nov 2051
New loan
New conventional
$2,040/mo
+$551/mo- Down payment
- $21,889
- Funds due
- $30,104
- Interest + MI left
- $271,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,861 | $136,861 | $187,861 |
| Second mortgage | — | $51,000 | — |
| First P&I | $641.26 | $641.26 | $1,263.75 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $109.55 | $109.55 | $37.57 |
| Taxes, insurance & HOA | $738.25 | $738.25 | $738.25 |
| Total housing payment | $1,489.06 | $1,899.42 | $2,039.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,889
Closing costs & prepaids$11,431
Usable credit−$0
Total buyer cash needed$33,319
Earnest money paid−$0
Remaining funds due$33,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,097.50
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)$534.75
Initial HOA (3 months)$1,230.00
Prepaid interest, first (4 days)$43.05
Prepaid interest, second (4 days)$50.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 2.87%
Interest already paid$21,318Through Dec 2026
Assumption only · ends Nov 2051$73,838
Assumption + second · ends Nov 2051, second Jan 2057$170,567
New conventional · ends Jan 2057$271,373