Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,279/mo
Lowest payment- Down payment
- $68,546
- Funds due
- $77,808
- Interest + MI left
- $89,690
- First ends
- Apr 2051
Assumption
Assumption + second
$1,633/mo
+$354/mo- Down payment
- $24,546
- Funds due
- $35,156
- Interest + MI left
- $173,142
- First ends
- Apr 2051
New loan
New conventional
$1,844/mo
+$565/mo- Down payment
- $24,546
- Funds due
- $32,034
- Interest + MI left
- $322,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,454 | $176,454 | $220,454 |
| Second mortgage | — | $44,000 | — |
| First P&I | $828.63 | $828.63 | $1,493.43 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $143.96 | $143.96 | $44.09 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,278.59 | $1,632.63 | $1,843.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,546
Closing costs & prepaids$10,610
Usable credit−$0
Total buyer cash needed$35,156
Earnest money paid−$0
Remaining funds due$35,156
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Initial HOA (3 months)$174.00
Prepaid interest, first (9 days)$119.22
Prepaid interest, second (9 days)$97.64
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$29,561Through Dec 2026
Assumption only · ends Apr 2051$89,690
Assumption + second · ends Apr 2051, second Jan 2057$173,142
New conventional · ends Jan 2057$322,340