Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $161,560
- Funds due
- $172,310
- Interest + MI left
- $97,449
- First ends
- Apr 2051
Assumption
Assumption + second
$2,447/mo
+$925/mo- Down payment
- $35,560
- Funds due
- $47,615
- Interest + MI left
- $304,285
- First ends
- Apr 2051
New loan
New conventional
$2,722/mo
+$1,199/mo- Down payment
- $35,560
- Funds due
- $44,253
- Interest + MI left
- $476,655
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,340 | $188,340 | $314,340 |
| Second mortgage | — | $126,000 | — |
| First P&I | $887.13 | $887.13 | $2,176.43 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $153.13 | $153.13 | $62.87 |
| Taxes, insurance & HOA | $482.41 | $482.41 | $482.41 |
| Total housing payment | $1,522.67 | $2,447.22 | $2,721.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,560
Closing costs & prepaids$12,055
Usable credit−$0
Total buyer cash needed$47,615
Earnest money paid−$0
Remaining funds due$47,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$852.25
Initial HOA (3 months)$144.99
Prepaid interest, first (2 days)$28.79
Prepaid interest, second (2 days)$55.23
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$31,596Through Nov 2026
Assumption only · ends Apr 2051$97,449
Assumption + second · ends Apr 2051, second Dec 2056$304,285
New conventional · ends Dec 2056$476,655