Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,291/mo
Lowest payment- Down payment
- $81,621
- Funds due
- $90,949
- Interest + MI left
- $90,181
- First ends
- Apr 2051
Assumption
Assumption + second
$1,733/mo
+$443/mo- Down payment
- $26,621
- Funds due
- $37,212
- Interest + MI left
- $194,496
- First ends
- Apr 2051
New loan
New conventional
$1,970/mo
+$679/mo- Down payment
- $26,621
- Funds due
- $33,916
- Interest + MI left
- $351,567
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,879 | $176,879 | $231,879 |
| Second mortgage | — | $55,000 | — |
| First P&I | $828.63 | $828.63 | $1,605.48 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $143.96 | $143.96 | $46.38 |
| Taxes, insurance & HOA | $318.17 | $318.17 | $318.17 |
| Total housing payment | $1,290.76 | $1,733.30 | $1,970.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,621
Closing costs & prepaids$10,591
Usable credit−$0
Total buyer cash needed$37,212
Earnest money paid−$0
Remaining funds due$37,212
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,585.00
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)$330.50
Initial HOA (3 months)$174.00
Prepaid interest, first (1 days)$13.28
Prepaid interest, second (1 days)$13.56
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$29,157Through Nov 2026
Assumption only · ends Apr 2051$90,181
Assumption + second · ends Apr 2051, second Dec 2056$194,496
New conventional · ends Dec 2056$351,567