Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,856/mo
Lowest payment- Down payment
- $59,823
- Funds due
- $70,057
- Interest + MI left
- $137,239
- First ends
- Apr 2051
Assumption
Assumption + second
$2,066/mo
+$209/mo- Down payment
- $33,823
- Funds due
- $45,320
- Interest + MI left
- $186,551
- First ends
- Apr 2051
New loan
New conventional
$2,479/mo
+$623/mo- Down payment
- $33,823
- Funds due
- $41,998
- Interest + MI left
- $447,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,177 | $269,177 | $295,177 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,261.03 | $1,261.03 | $2,043.75 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $219.08 | $219.08 | $59.04 |
| Taxes, insurance & HOA | $376.34 | $376.34 | $376.34 |
| Total housing payment | $1,856.45 | $2,065.65 | $2,479.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,823
Closing costs & prepaids$11,497
Usable credit−$0
Total buyer cash needed$45,320
Earnest money paid−$0
Remaining funds due$45,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$509.00
Initial HOA (3 months)$170.01
Prepaid interest, first (2 days)$40.41
Prepaid interest, second (2 days)$12.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$44,372Through Nov 2026
Assumption only · ends Apr 2051$137,239
Assumption + second · ends Apr 2051, second Dec 2056$186,551
New conventional · ends Dec 2056$447,538