Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $78,878
- Funds due
- $89,535
- Interest + MI left
- $137,351
- First ends
- Apr 2051
Assumption
Assumption + second
$2,238/mo
+$346/mo- Down payment
- $35,878
- Funds due
- $47,880
- Interest + MI left
- $218,906
- First ends
- Apr 2051
New loan
New conventional
$2,590/mo
+$698/mo- Down payment
- $35,878
- Funds due
- $44,749
- Interest + MI left
- $459,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,022 | $271,022 | $314,022 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,271.35 | $1,271.35 | $2,127.29 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $221.16 | $221.16 | $62.80 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $1,892.51 | $2,238.50 | $2,590.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,878
Closing costs & prepaids$12,002
Usable credit−$0
Total buyer cash needed$47,880
Earnest money paid−$0
Remaining funds due$47,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$182.44
Prepaid interest, second (9 days)$95.42
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$45,243Through Dec 2026
Assumption only · ends Apr 2051$137,351
Assumption + second · ends Apr 2051, second Jan 2057$218,906
New conventional · ends Jan 2057$459,089