Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $161,397
- Funds due
- $173,832
- Interest + MI left
- $141,598
- First ends
- Apr 2051
Assumption
Assumption + second
$3,094/mo
+$851/mo- Down payment
- $45,397
- Funds due
- $59,260
- Interest + MI left
- $332,018
- First ends
- Apr 2051
New loan
New conventional
$3,475/mo
+$1,232/mo- Down payment
- $45,397
- Funds due
- $55,982
- Interest + MI left
- $584,206
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,603 | $283,603 | $399,603 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,323.16 | $1,323.16 | $2,707.05 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $231.68 | $231.68 | $79.92 |
| Taxes, insurance & HOA | $688.00 | $688.00 | $688.00 |
| Total housing payment | $2,242.84 | $3,094.00 | $3,474.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,397
Closing costs & prepaids$13,863
Usable credit−$0
Total buyer cash needed$59,260
Earnest money paid−$0
Remaining funds due$59,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (7 days)$145.76
Prepaid interest, second (7 days)$177.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.68%
Interest already paid$46,503Through Dec 2026
Assumption only · ends Apr 2051$141,598
Assumption + second · ends Apr 2051, second Jan 2057$332,018
New conventional · ends Jan 2057$584,206