Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $66,028
- Funds due
- $75,684
- Interest + MI left
- $108,760
- First ends
- Apr 2051
Assumption
Assumption + second
$1,797/mo
+$306/mo- Down payment
- $28,028
- Funds due
- $39,018
- Interest + MI left
- $180,833
- First ends
- Apr 2051
New loan
New conventional
$2,069/mo
+$578/mo- Down payment
- $28,028
- Funds due
- $35,905
- Interest + MI left
- $368,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,972 | $213,972 | $251,972 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,004.82 | $1,004.82 | $1,706.95 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $174.57 | $174.57 | $50.39 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $1,491.39 | $1,797.15 | $2,069.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,028
Closing costs & prepaids$10,990
Usable credit−$0
Total buyer cash needed$39,018
Earnest money paid−$0
Remaining funds due$39,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$144.56
Prepaid interest, second (9 days)$84.33
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$35,847Through Dec 2026
Assumption only · ends Apr 2051$108,760
Assumption + second · ends Apr 2051, second Jan 2057$180,833
New conventional · ends Jan 2057$368,425