Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $194,881
- Funds due
- $206,276
- Interest + MI left
- $116,621
- First ends
- Apr 2051
Assumption
Assumption + second
$2,788/mo
+$1,115/mo- Down payment
- $42,881
- Funds due
- $55,826
- Interest + MI left
- $366,137
- First ends
- Apr 2051
New loan
New conventional
$3,070/mo
+$1,398/mo- Down payment
- $42,881
- Funds due
- $52,569
- Interest + MI left
- $558,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,119 | $230,119 | $382,119 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,079.47 | $1,079.47 | $2,588.61 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $187.78 | $187.78 | $76.42 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,672.26 | $2,787.58 | $3,070.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,881
Closing costs & prepaids$12,945
Usable credit−$0
Total buyer cash needed$55,826
Earnest money paid−$0
Remaining funds due$55,826
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$154.90
Prepaid interest, second (9 days)$299.84
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$38,415Through Dec 2026
Assumption only · ends Apr 2051$116,621
Assumption + second · ends Apr 2051, second Jan 2057$366,137
New conventional · ends Jan 2057$558,721