Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,548/mo
Lowest payment- Down payment
- $114,742
- Funds due
- $125,008
- Interest + MI left
- $104,340
- First ends
- Apr 2051
Assumption
Assumption + second
$2,207/mo
+$660/mo- Down payment
- $32,742
- Funds due
- $44,298
- Interest + MI left
- $259,864
- First ends
- Apr 2051
New loan
New conventional
$2,466/mo
+$919/mo- Down payment
- $32,742
- Funds due
- $40,966
- Interest + MI left
- $435,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,258 | $205,258 | $287,258 |
| Second mortgage | — | $82,000 | — |
| First P&I | $960.54 | $960.54 | $1,988.92 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $167.09 | $167.09 | $57.45 |
| Taxes, insurance & HOA | $420.00 | $420.00 | $420.00 |
| Total housing payment | $1,547.63 | $2,207.42 | $2,466.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,742
Closing costs & prepaids$11,556
Usable credit−$0
Total buyer cash needed$44,298
Earnest money paid−$0
Remaining funds due$44,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$591.00
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$30.70
Prepaid interest, second (2 days)$40.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.730%
Interest already paid$33,716Through Nov 2026
Assumption only · ends Apr 2051$104,340
Assumption + second · ends Apr 2051, second Dec 2056$259,864
New conventional · ends Dec 2056$435,589