Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $103,676
- Funds due
- $113,180
- Interest + MI left
- $84,490
- First ends
- Apr 2051
Assumption
Assumption + second
$1,834/mo
+$612/mo- Down payment
- $27,676
- Funds due
- $38,599
- Interest + MI left
- $228,635
- First ends
- Apr 2051
New loan
New conventional
$1,995/mo
+$773/mo- Down payment
- $27,676
- Funds due
- $35,420
- Interest + MI left
- $354,123
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,224 | $166,224 | $242,224 |
| Second mortgage | — | $76,000 | — |
| First P&I | $780.59 | $780.59 | $1,640.91 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $135.62 | $135.62 | $48.44 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,222.21 | $1,833.72 | $1,995.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,676
Closing costs & prepaids$10,923
Usable credit−$0
Total buyer cash needed$38,599
Earnest money paid−$0
Remaining funds due$38,599
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$324.00
Initial HOA (3 months)$144.00
Prepaid interest, first (9 days)$112.30
Prepaid interest, second (9 days)$168.66
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$27,847Through Dec 2026
Assumption only · ends Apr 2051$84,490
Assumption + second · ends Apr 2051, second Jan 2057$228,635
New conventional · ends Jan 2057$354,123