Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $52,781
- Funds due
- $62,728
- Interest + MI left
- $125,659
- First ends
- Apr 2051
Assumption
Assumption + second
$2,075/mo
+$377/mo- Down payment
- $15,781
- Funds due
- $27,086
- Interest + MI left
- $224,390
- First ends
- Apr 2051
New loan
New conventional
$2,317/mo
+$620/mo- Down payment
- $15,781
- Funds due
- $24,106
- Interest + MI left
- $417,053
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,219 | $247,219 | $284,219 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,160.95 | $1,160.95 | $1,925.40 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $201.70 | $201.70 | $56.84 |
| Taxes, insurance & HOA | $335.00 | $335.00 | $335.00 |
| Total housing payment | $1,697.64 | $2,074.67 | $2,317.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,781
Closing costs & prepaids$11,305
Usable credit−$0
Total buyer cash needed$27,086
Earnest money paid−$0
Remaining funds due$27,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$167.03
Prepaid interest, second (9 days)$108.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.74%
Interest already paid$41,416Through Dec 2026
Assumption only · ends Apr 2051$125,659
Assumption + second · ends Apr 2051, second Jan 2057$224,390
New conventional · ends Jan 2057$417,053