Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $65,567
- Funds due
- $76,473
- Interest + MI left
- $119,160
- First ends
- Apr 2051
Assumption
Assumption + second
$2,249/mo
+$282/mo- Down payment
- $30,567
- Funds due
- $42,774
- Interest + MI left
- $185,542
- First ends
- Apr 2051
New loan
New conventional
$2,554/mo
+$587/mo- Down payment
- $30,567
- Funds due
- $39,579
- Interest + MI left
- $393,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,432 | $234,432 | $269,432 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,100.90 | $1,100.90 | $1,825.23 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $191.26 | $191.26 | $53.89 |
| Taxes, insurance & HOA | $675.00 | $675.00 | $675.00 |
| Total housing payment | $1,967.16 | $2,248.78 | $2,554.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,567
Closing costs & prepaids$12,207
Usable credit−$0
Total buyer cash needed$42,774
Earnest money paid−$0
Remaining funds due$42,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$1,215.00
Prepaid interest, first (6 days)$105.59
Prepaid interest, second (6 days)$51.78
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$39,274Through Dec 2026
Assumption only · ends Apr 2051$119,160
Assumption + second · ends Apr 2051, second Jan 2057$185,542
New conventional · ends Jan 2057$393,900