Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $82,093
- Funds due
- $92,111
- Interest + MI left
- $111,098
- First ends
- Apr 2051
Assumption
Assumption + second
$2,020/mo
+$418/mo- Down payment
- $30,093
- Funds due
- $41,386
- Interest + MI left
- $209,723
- First ends
- Apr 2051
New loan
New conventional
$2,326/mo
+$725/mo- Down payment
- $30,093
- Funds due
- $38,086
- Interest + MI left
- $409,331
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,906 | $217,906 | $269,906 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,020.83 | $1,020.83 | $1,868.77 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $177.35 | $177.35 | $53.98 |
| Taxes, insurance & HOA | $403.17 | $403.17 | $403.17 |
| Total housing payment | $1,601.35 | $2,019.76 | $2,325.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,093
Closing costs & prepaids$11,293
Usable credit−$0
Total buyer cash needed$41,386
Earnest money paid−$0
Remaining funds due$41,386
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$135.50
Initial HOA (3 months)$624.00
Prepaid interest, first (2 days)$32.72
Prepaid interest, second (2 days)$25.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$35,920Through Nov 2026
Assumption only · ends Apr 2051$111,098
Assumption + second · ends Apr 2051, second Dec 2056$209,723
New conventional · ends Dec 2056$409,331