Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $73,493
- Funds due
- $82,954
- Interest + MI left
- $78,305
- First ends
- Apr 2051
Assumption
Assumption + second
$1,724/mo
+$418/mo- Down payment
- $21,493
- Funds due
- $32,217
- Interest + MI left
- $176,931
- First ends
- Apr 2051
New loan
New conventional
$1,877/mo
+$572/mo- Down payment
- $21,493
- Funds due
- $28,966
- Interest + MI left
- $289,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,007 | $139,007 | $191,007 |
| Second mortgage | — | $52,000 | — |
| First P&I | $676.28 | $676.28 | $1,322.49 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $112.32 | $112.32 | $38.20 |
| Taxes, insurance & HOA | $516.50 | $516.50 | $516.50 |
| Total housing payment | $1,305.10 | $1,723.50 | $1,877.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,493
Closing costs & prepaids$10,724
Usable credit−$0
Total buyer cash needed$32,217
Earnest money paid−$0
Remaining funds due$32,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,125.00
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)$109.50
Initial HOA (3 months)$990.00
Prepaid interest, first (1 days)$11.77
Prepaid interest, second (1 days)$12.82
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 3.090%
Interest already paid$25,744Through Nov 2026
Assumption only · ends Apr 2051$78,305
Assumption + second · ends Apr 2051, second Dec 2056$176,931
New conventional · ends Dec 2056$289,637