Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
Lowest payment- Down payment
- $102,882
- Funds due
- $114,072
- Interest + MI left
- $145,266
- First ends
- Apr 2051
Assumption
Assumption + second
$2,533/mo
+$515/mo- Down payment
- $38,882
- Funds due
- $51,464
- Interest + MI left
- $266,651
- First ends
- Apr 2051
New loan
New conventional
$2,869/mo
+$851/mo- Down payment
- $38,882
- Funds due
- $48,302
- Interest + MI left
- $505,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,618 | $281,618 | $345,618 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,329.67 | $1,329.67 | $2,341.34 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $229.52 | $229.52 | $69.12 |
| Taxes, insurance & HOA | $458.83 | $458.83 | $458.83 |
| Total housing payment | $2,018.02 | $2,532.97 | $2,869.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,882
Closing costs & prepaids$12,582
Usable credit−$0
Total buyer cash needed$51,464
Earnest money paid−$0
Remaining funds due$51,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,845.00
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)$461.50
Initial HOA (3 months)$465.00
Prepaid interest, first (9 days)$193.74
Prepaid interest, second (9 days)$142.03
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 2.79%
Interest already paid$48,013Through Dec 2026
Assumption only · ends Apr 2051$145,266
Assumption + second · ends Apr 2051, second Jan 2057$266,651
New conventional · ends Jan 2057$505,351