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
- $97,392
- Funds due
- $107,593
- Interest + MI left
- $92,975
- First ends
- Apr 2051
Assumption
Assumption + second
$2,089/mo
+$555/mo- Down payment
- $28,392
- Funds due
- $39,877
- Interest + MI left
- $223,843
- First ends
- Apr 2051
New loan
New conventional
$2,306/mo
+$772/mo- Down payment
- $28,392
- Funds due
- $36,582
- Interest + MI left
- $373,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,608 | $177,608 | $246,608 |
| Second mortgage | — | $69,000 | — |
| First P&I | $840.22 | $840.22 | $1,707.46 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $144.28 | $144.28 | $49.32 |
| Taxes, insurance & HOA | $549.50 | $549.50 | $549.50 |
| Total housing payment | $1,534.00 | $2,089.19 | $2,306.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,392
Closing costs & prepaids$11,485
Usable credit−$0
Total buyer cash needed$39,877
Earnest money paid−$0
Remaining funds due$39,877
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)$754.50
Initial HOA (3 months)$444.00
Prepaid interest, first (2 days)$27.54
Prepaid interest, second (2 days)$34.03
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 2.830%
Interest already paid$30,209Through Nov 2026
Assumption only · ends Apr 2051$92,975
Assumption + second · ends Apr 2051, second Dec 2056$223,843
New conventional · ends Dec 2056$373,899