Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $79,586
- Funds due
- $90,017
- Interest + MI left
- $94,244
- First ends
- Apr 2051
Assumption
Assumption + second
$2,089/mo
+$426/mo- Down payment
- $26,586
- Funds due
- $38,346
- Interest + MI left
- $194,766
- First ends
- Apr 2051
New loan
New conventional
$2,304/mo
+$641/mo- Down payment
- $26,586
- Funds due
- $35,150
- Interest + MI left
- $348,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,414 | $185,414 | $238,414 |
| Second mortgage | — | $53,000 | — |
| First P&I | $870.71 | $870.71 | $1,615.10 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $151.27 | $151.27 | $47.68 |
| Taxes, insurance & HOA | $641.00 | $641.00 | $641.00 |
| Total housing payment | $1,662.98 | $2,089.43 | $2,303.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,586
Closing costs & prepaids$11,760
Usable credit−$0
Total buyer cash needed$38,346
Earnest money paid−$0
Remaining funds due$38,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (6 days)$83.51
Prepaid interest, second (6 days)$78.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 2.74%
Interest already paid$31,062Through Dec 2026
Assumption only · ends Apr 2051$94,244
Assumption + second · ends Apr 2051, second Jan 2057$194,766
New conventional · ends Jan 2057$348,601