Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $115,236
- Funds due
- $125,402
- Interest + MI left
- $103,772
- First ends
- Apr 2051
Assumption
Assumption + second
$2,146/mo
+$668/mo- Down payment
- $32,236
- Funds due
- $43,836
- Interest + MI left
- $261,193
- First ends
- Apr 2051
New loan
New conventional
$2,358/mo
+$879/mo- Down payment
- $32,236
- Funds due
- $40,651
- Interest + MI left
- $420,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,764 | $204,764 | $287,764 |
| Second mortgage | — | $83,000 | — |
| First P&I | $960.54 | $960.54 | $1,949.41 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $167.09 | $167.09 | $57.55 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,478.63 | $2,146.47 | $2,357.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,236
Closing costs & prepaids$11,600
Usable credit−$0
Total buyer cash needed$43,836
Earnest money paid−$0
Remaining funds due$43,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$137.84
Prepaid interest, second (9 days)$184.19
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 2.73%
Interest already paid$34,183Through Dec 2026
Assumption only · ends Apr 2051$103,772
Assumption + second · ends Apr 2051, second Jan 2057$261,193
New conventional · ends Jan 2057$420,759