Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,707/mo
Lowest payment- Down payment
- $89,140
- Funds due
- $99,747
- Interest + MI left
- $94,760
- First ends
- Apr 2051
Assumption
Assumption + second
$2,198/mo
+$491/mo- Down payment
- $28,140
- Funds due
- $40,027
- Interest + MI left
- $210,455
- First ends
- Apr 2051
New loan
New conventional
$2,443/mo
+$737/mo- Down payment
- $28,140
- Funds due
- $36,738
- Interest + MI left
- $374,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,860 | $185,860 | $246,860 |
| Second mortgage | — | $61,000 | — |
| First P&I | $870.71 | $870.71 | $1,709.21 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $151.27 | $151.27 | $49.37 |
| Taxes, insurance & HOA | $684.92 | $684.92 | $684.92 |
| Total housing payment | $1,706.90 | $2,197.72 | $2,443.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,140
Closing costs & prepaids$11,888
Usable credit−$0
Total buyer cash needed$40,027
Earnest money paid−$0
Remaining funds due$40,027
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$449.75
Initial HOA (3 months)$1,155.00
Prepaid interest, first (2 days)$27.90
Prepaid interest, second (2 days)$30.08
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 2.740%
Interest already paid$30,638Through Nov 2026
Assumption only · ends Apr 2051$94,760
Assumption + second · ends Apr 2051, second Dec 2056$210,455
New conventional · ends Dec 2056$374,330