Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,623/mo
Lowest payment- Down payment
- $70,827
- Funds due
- $80,839
- Interest + MI left
- $116,142
- First ends
- Apr 2051
Assumption
Assumption + second
$1,945/mo
+$322/mo- Down payment
- $30,827
- Funds due
- $42,178
- Interest + MI left
- $192,008
- First ends
- Apr 2051
New loan
New conventional
$2,238/mo
+$615/mo- Down payment
- $30,827
- Funds due
- $39,053
- Interest + MI left
- $393,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,173 | $229,173 | $269,173 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,075.04 | $1,075.04 | $1,823.47 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $187.01 | $187.01 | $53.83 |
| Taxes, insurance & HOA | $361.00 | $361.00 | $361.00 |
| Total housing payment | $1,623.05 | $1,944.90 | $2,238.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,827
Closing costs & prepaids$11,351
Usable credit−$0
Total buyer cash needed$42,178
Earnest money paid−$0
Remaining funds due$42,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$154.27
Prepaid interest, second (9 days)$88.77
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$38,257Through Dec 2026
Assumption only · ends Apr 2051$116,142
Assumption + second · ends Apr 2051, second Jan 2057$192,008
New conventional · ends Jan 2057$393,522