Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,912/mo
Lowest payment- Down payment
- $123,820
- Funds due
- $134,981
- Interest + MI left
- $137,788
- First ends
- Apr 2051
Assumption
Assumption + second
$2,588/mo
+$676/mo- Down payment
- $39,820
- Funds due
- $52,418
- Interest + MI left
- $297,106
- First ends
- Apr 2051
New loan
New conventional
$2,894/mo
+$982/mo- Down payment
- $39,820
- Funds due
- $49,228
- Interest + MI left
- $519,186
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,080 | $271,080 | $355,080 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,273.00 | $1,273.00 | $2,405.44 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $221.16 | $221.16 | $71.02 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $1,912.16 | $2,588.04 | $2,894.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,820
Closing costs & prepaids$12,598
Usable credit−$0
Total buyer cash needed$52,418
Earnest money paid−$0
Remaining funds due$52,418
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.00
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)$474.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$183.15
Prepaid interest, second (9 days)$186.41
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$45,414Through Dec 2026
Assumption only · ends Apr 2051$137,788
Assumption + second · ends Apr 2051, second Jan 2057$297,106
New conventional · ends Jan 2057$519,186