Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,354/mo
Lowest payment- Down payment
- $73,811
- Funds due
- $83,512
- Interest + MI left
- $77,878
- First ends
- Apr 2051
Assumption
Assumption + second
$1,772/mo
+$418/mo- Down payment
- $21,811
- Funds due
- $32,877
- Interest + MI left
- $176,503
- First ends
- Apr 2051
New loan
New conventional
$1,895/mo
+$541/mo- Down payment
- $21,811
- Funds due
- $29,725
- Interest + MI left
- $278,781
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,689 | $138,689 | $190,689 |
| Second mortgage | — | $52,000 | — |
| First P&I | $676.28 | $676.28 | $1,291.79 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $112.32 | $112.32 | $38.14 |
| Taxes, insurance & HOA | $565.00 | $565.00 | $565.00 |
| Total housing payment | $1,353.60 | $1,772.00 | $1,894.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,811
Closing costs & prepaids$11,066
Usable credit−$0
Total buyer cash needed$32,877
Earnest money paid−$0
Remaining funds due$32,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,125.00
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)$255.00
Initial HOA (3 months)$990.00
Prepaid interest, first (9 days)$105.67
Prepaid interest, second (9 days)$115.40
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 3.09%
Interest already paid$26,102Through Dec 2026
Assumption only · ends Apr 2051$77,878
Assumption + second · ends Apr 2051, second Jan 2057$176,503
New conventional · ends Jan 2057$278,781