Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $64,853
- Funds due
- $75,491
- Interest + MI left
- $158,292
- First ends
- Apr 2051
Assumption
Assumption + second
$2,248/mo
+$209/mo- Down payment
- $38,853
- Funds due
- $50,780
- Interest + MI left
- $207,605
- First ends
- Apr 2051
New loan
New conventional
$2,687/mo
+$648/mo- Down payment
- $38,853
- Funds due
- $47,566
- Interest + MI left
- $498,745
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,147 | $315,147 | $341,147 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,473.53 | $1,473.53 | $2,311.05 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $257.34 | $257.34 | $68.23 |
| Taxes, insurance & HOA | $307.83 | $307.83 | $307.83 |
| Total housing payment | $2,038.69 | $2,247.90 | $2,687.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,853
Closing costs & prepaids$11,927
Usable credit−$0
Total buyer cash needed$50,780
Earnest money paid−$0
Remaining funds due$50,780
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
Initial HOA (3 months)$17.49
Prepaid interest, first (6 days)$139.87
Prepaid interest, second (6 days)$38.47
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 2.7%
Interest already paid$52,049Through Dec 2026
Assumption only · ends Apr 2051$158,292
Assumption + second · ends Apr 2051, second Jan 2057$207,605
New conventional · ends Jan 2057$498,745