Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $78,225
- Funds due
- $88,914
- Interest + MI left
- $138,102
- First ends
- Apr 2051
Assumption
Assumption + second
$2,303/mo
+$346/mo- Down payment
- $35,225
- Funds due
- $47,175
- Interest + MI left
- $219,657
- First ends
- Apr 2051
New loan
New conventional
$2,707/mo
+$749/mo- Down payment
- $35,225
- Funds due
- $43,806
- Interest + MI left
- $477,226
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,675 | $271,675 | $314,675 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,271.35 | $1,271.35 | $2,178.75 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $221.16 | $221.16 | $62.94 |
| Taxes, insurance & HOA | $465.00 | $465.00 | $465.00 |
| Total housing payment | $1,957.51 | $2,303.50 | $2,706.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,225
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$47,175
Earnest money paid−$0
Remaining funds due$47,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$615.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$20.32
Prepaid interest, second (1 days)$10.60
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$44,625Through Nov 2026
Assumption only · ends Apr 2051$138,102
Assumption + second · ends Apr 2051, second Dec 2056$219,657
New conventional · ends Dec 2056$477,226