Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$968/mo
Lowest payment- Down payment
- $93,352
- Funds due
- $102,345
- Interest + MI left
- $49,225
- First ends
- Apr 2051
Assumption
Assumption + second
$1,564/mo
+$595/mo- Down payment
- $19,352
- Funds due
- $29,614
- Interest + MI left
- $189,576
- First ends
- Apr 2051
New loan
New conventional
$1,652/mo
+$684/mo- Down payment
- $19,352
- Funds due
- $26,379
- Interest + MI left
- $258,613
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,548 | $96,548 | $170,548 |
| Second mortgage | — | $74,000 | — |
| First P&I | $452.30 | $452.30 | $1,180.84 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $78.58 | $78.58 | $34.11 |
| Taxes, insurance & HOA | $437.42 | $437.42 | $437.42 |
| Total housing payment | $968.30 | $1,563.72 | $1,652.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,352
Closing costs & prepaids$10,262
Usable credit−$0
Total buyer cash needed$29,614
Earnest money paid−$0
Remaining funds due$29,614
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$127.25
Initial HOA (3 months)$735.00
Prepaid interest, first (1 days)$7.25
Prepaid interest, second (1 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$15,915Through Nov 2026
Assumption only · ends Apr 2051$49,225
Assumption + second · ends Apr 2051, second Dec 2056$189,576
New conventional · ends Dec 2056$258,613