Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $102,209
- Funds due
- $113,271
- Interest + MI left
- $146,061
- First ends
- Apr 2051
Assumption
Assumption + second
$2,533/mo
+$507/mo- Down payment
- $39,209
- Funds due
- $51,552
- Interest + MI left
- $265,549
- First ends
- Apr 2051
New loan
New conventional
$2,926/mo
+$901/mo- Down payment
- $39,209
- Funds due
- $48,176
- Interest + MI left
- $523,588
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,291 | $282,291 | $345,291 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,329.67 | $1,329.67 | $2,390.73 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $229.52 | $229.52 | $69.06 |
| Taxes, insurance & HOA | $466.42 | $466.42 | $466.42 |
| Total housing payment | $2,025.60 | $2,532.51 | $2,926.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,209
Closing costs & prepaids$12,343
Usable credit−$0
Total buyer cash needed$51,552
Earnest money paid−$0
Remaining funds due$51,552
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,845.00
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)$484.25
Initial HOA (3 months)$465.00
Prepaid interest, first (2 days)$43.16
Prepaid interest, second (2 days)$31.07
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 2.790%
Interest already paid$47,357Through Nov 2026
Assumption only · ends Apr 2051$146,061
Assumption + second · ends Apr 2051, second Dec 2056$265,549
New conventional · ends Dec 2056$523,588