Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $85,275
- Funds due
- $95,432
- Interest + MI left
- $116,777
- First ends
- Apr 2051
Assumption
Assumption + second
$2,094/mo
+$426/mo- Down payment
- $32,275
- Funds due
- $43,695
- Interest + MI left
- $217,299
- First ends
- Apr 2051
New loan
New conventional
$2,419/mo
+$752/mo- Down payment
- $32,275
- Funds due
- $40,350
- Interest + MI left
- $428,715
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,725 | $229,725 | $282,725 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,075.04 | $1,075.04 | $1,957.53 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $187.01 | $187.01 | $56.54 |
| Taxes, insurance & HOA | $405.08 | $405.08 | $405.08 |
| Total housing payment | $1,667.13 | $2,093.58 | $2,419.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,275
Closing costs & prepaids$11,421
Usable credit−$0
Total buyer cash needed$43,695
Earnest money paid−$0
Remaining funds due$43,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$492.25
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$17.18
Prepaid interest, second (1 days)$13.07
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$37,735Through Nov 2026
Assumption only · ends Apr 2051$116,777
Assumption + second · ends Apr 2051, second Dec 2056$217,299
New conventional · ends Dec 2056$428,715