Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $194,326
- Funds due
- $205,311
- Interest + MI left
- $117,259
- First ends
- Apr 2051
Assumption
Assumption + second
$2,689/mo
+$1,108/mo- Down payment
- $43,326
- Funds due
- $55,594
- Interest + MI left
- $365,134
- First ends
- Apr 2051
New loan
New conventional
$3,033/mo
+$1,452/mo- Down payment
- $43,326
- Funds due
- $52,137
- Interest + MI left
- $578,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,674 | $230,674 | $381,674 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,079.47 | $1,079.47 | $2,642.63 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $187.78 | $187.78 | $76.33 |
| Taxes, insurance & HOA | $314.08 | $314.08 | $314.08 |
| Total housing payment | $1,581.34 | $2,689.33 | $3,033.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,326
Closing costs & prepaids$12,268
Usable credit−$0
Total buyer cash needed$55,594
Earnest money paid−$0
Remaining funds due$55,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$276.25
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$17.25
Prepaid interest, second (1 days)$33.10
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$37,890Through Nov 2026
Assumption only · ends Apr 2051$117,259
Assumption + second · ends Apr 2051, second Dec 2056$365,134
New conventional · ends Dec 2056$578,758