Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $180,125
- Funds due
- $190,603
- Interest + MI left
- $101,854
- First ends
- Apr 2051
Assumption
Assumption + second
$2,437/mo
+$1,042/mo- Down payment
- $38,125
- Funds due
- $49,884
- Interest + MI left
- $334,954
- First ends
- Apr 2051
New loan
New conventional
$2,731/mo
+$1,336/mo- Down payment
- $38,125
- Funds due
- $46,476
- Interest + MI left
- $518,325
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,775 | $199,775 | $341,775 |
| Second mortgage | — | $142,000 | — |
| First P&I | $935.89 | $935.89 | $2,366.38 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $162.60 | $162.60 | $68.36 |
| Taxes, insurance & HOA | $296.17 | $296.17 | $296.17 |
| Total housing payment | $1,394.66 | $2,436.60 | $2,730.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,125
Closing costs & prepaids$11,759
Usable credit−$0
Total buyer cash needed$49,884
Earnest money paid−$0
Remaining funds due$49,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$264.50
Initial HOA (3 months)$174.00
Prepaid interest, first (1 days)$15.00
Prepaid interest, second (1 days)$31.12
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$32,932Through Nov 2026
Assumption only · ends Apr 2051$101,854
Assumption + second · ends Apr 2051, second Dec 2056$334,954
New conventional · ends Dec 2056$518,325