Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $103,276
- Funds due
- $112,621
- Interest + MI left
- $84,952
- First ends
- Apr 2051
Assumption
Assumption + second
$1,814/mo
+$612/mo- Down payment
- $27,276
- Funds due
- $37,889
- Interest + MI left
- $229,097
- First ends
- Apr 2051
New loan
New conventional
$2,014/mo
+$812/mo- Down payment
- $27,276
- Funds due
- $34,585
- Interest + MI left
- $367,907
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,624 | $166,624 | $242,624 |
| Second mortgage | — | $76,000 | — |
| First P&I | $780.59 | $780.59 | $1,679.88 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $135.62 | $135.62 | $48.52 |
| Taxes, insurance & HOA | $286.08 | $286.08 | $286.08 |
| Total housing payment | $1,202.29 | $1,813.80 | $2,014.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,276
Closing costs & prepaids$10,613
Usable credit−$0
Total buyer cash needed$37,889
Earnest money paid−$0
Remaining funds due$37,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$264.25
Initial HOA (3 months)$144.00
Prepaid interest, first (1 days)$12.51
Prepaid interest, second (1 days)$18.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$27,467Through Nov 2026
Assumption only · ends Apr 2051$84,952
Assumption + second · ends Apr 2051, second Dec 2056$229,097
New conventional · ends Dec 2056$367,907