Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,829/mo
Lowest payment- Down payment
- $102,944
- Funds due
- $113,550
- Interest + MI left
- $140,825
- First ends
- Apr 2051
Assumption
Assumption + second
$2,344/mo
+$515/mo- Down payment
- $38,944
- Funds due
- $50,895
- Interest + MI left
- $262,210
- First ends
- Apr 2051
New loan
New conventional
$2,681/mo
+$852/mo- Down payment
- $38,944
- Funds due
- $47,638
- Interest + MI left
- $498,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,056 | $277,056 | $341,056 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,301.06 | $1,301.06 | $2,310.43 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $226.04 | $226.04 | $68.21 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,829.10 | $2,344.06 | $2,680.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,944
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$50,895
Earnest money paid−$0
Remaining funds due$50,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (6 days)$124.79
Prepaid interest, second (6 days)$94.68
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$46,415Through Dec 2026
Assumption only · ends Apr 2051$140,825
Assumption + second · ends Apr 2051, second Jan 2057$262,210
New conventional · ends Jan 2057$498,612