Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $55,565
- Funds due
- $65,579
- Interest + MI left
- $124,204
- First ends
- Apr 2051
Assumption
Assumption + second
$1,951/mo
+$201/mo- Down payment
- $30,565
- Funds due
- $41,836
- Interest + MI left
- $171,620
- First ends
- Apr 2051
New loan
New conventional
$2,326/mo
+$576/mo- Down payment
- $30,565
- Funds due
- $38,510
- Interest + MI left
- $408,411
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,335 | $244,335 | $269,335 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,143.41 | $1,143.41 | $1,864.82 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $198.91 | $198.91 | $53.87 |
| Taxes, insurance & HOA | $407.50 | $407.50 | $407.50 |
| Total housing payment | $1,749.81 | $1,950.97 | $2,326.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,565
Closing costs & prepaids$11,271
Usable credit−$0
Total buyer cash needed$41,836
Earnest money paid−$0
Remaining funds due$41,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$556.50
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$18.27
Prepaid interest, second (1 days)$6.16
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 2.730%
Interest already paid$40,135Through Nov 2026
Assumption only · ends Apr 2051$124,204
Assumption + second · ends Apr 2051, second Dec 2056$171,620
New conventional · ends Dec 2056$408,411