Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,400/mo
Lowest payment- Down payment
- $80,829
- Funds due
- $92,356
- Interest + MI left
- $186,522
- First ends
- Mar 2051
Assumption
Assumption + second
$2,682/mo
+$282/mo- Down payment
- $45,829
- Funds due
- $58,658
- Interest + MI left
- $252,904
- First ends
- Mar 2051
New loan
New conventional
$3,181/mo
+$781/mo- Down payment
- $45,829
- Funds due
- $55,409
- Interest + MI left
- $590,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,171 | $369,171 | $404,171 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,735.95 | $1,735.95 | $2,738.00 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $301.99 | $301.99 | $80.83 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $2,399.93 | $2,681.55 | $3,180.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,829
Closing costs & prepaids$12,828
Usable credit−$0
Total buyer cash needed$58,658
Earnest money paid−$0
Remaining funds due$58,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$96.00
Prepaid interest, first (6 days)$165.67
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 3 moOf the original 30-year loan at 2.73%
Interest already paid$62,619Through Dec 2026
Assumption only · ends Mar 2051$186,522
Assumption + second · ends Mar 2051, second Jan 2057$252,904
New conventional · ends Jan 2057$590,884