Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $41,969
- Funds due
- $51,584
- Interest + MI left
- $99,467
- First ends
- Apr 2051
Assumption
Assumption + second
$1,829/mo
+$296/mo- Down payment
- $12,969
- Funds due
- $23,901
- Interest + MI left
- $176,851
- First ends
- Apr 2051
New loan
New conventional
$2,029/mo
+$496/mo- Down payment
- $12,969
- Funds due
- $20,865
- Interest + MI left
- $333,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,031 | $198,031 | $227,031 |
| Second mortgage | — | $29,000 | — |
| First P&I | $925.93 | $925.93 | $1,537.99 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $161.70 | $161.70 | $45.41 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $1,533.63 | $1,829.14 | $2,029.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,969
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$23,901
Earnest money paid−$0
Remaining funds due$23,901
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$288.00
Initial HOA (3 months)$600.00
Prepaid interest, first (7 days)$102.54
Prepaid interest, second (7 days)$66.04
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 2.7%
Interest already paid$32,706Through Dec 2026
Assumption only · ends Apr 2051$99,467
Assumption + second · ends Apr 2051, second Jan 2057$176,851
New conventional · ends Jan 2057$333,092