Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $187,596
- Funds due
- $200,596
- Interest + MI left
- $184,156
- First ends
- Apr 2051
Assumption
Assumption + second
$3,411/mo
+$969/mo- Down payment
- $55,596
- Funds due
- $70,049
- Interest + MI left
- $400,841
- First ends
- Apr 2051
New loan
New conventional
$3,893/mo
+$1,450/mo- Down payment
- $55,596
- Funds due
- $66,731
- Interest + MI left
- $722,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,304 | $362,304 | $494,304 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,701.39 | $1,701.39 | $3,348.59 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $295.59 | $295.59 | $98.86 |
| Taxes, insurance & HOA | $445.34 | $445.34 | $445.34 |
| Total housing payment | $2,442.31 | $3,410.88 | $3,892.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,596
Closing costs & prepaids$14,453
Usable credit−$0
Total buyer cash needed$70,049
Earnest money paid−$0
Remaining funds due$70,049
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$176.01
Prepaid interest, first (7 days)$190.38
Prepaid interest, second (7 days)$202.52
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 2.74%
Interest already paid$60,697Through Dec 2026
Assumption only · ends Apr 2051$184,156
Assumption + second · ends Apr 2051, second Jan 2057$400,841
New conventional · ends Jan 2057$722,754