Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,194/mo
Lowest payment- Down payment
- $111,938
- Funds due
- $123,835
- Interest + MI left
- $127,085
- First ends
- Apr 2051
Assumption
Assumption + second
$2,805/mo
+$612/mo- Down payment
- $35,938
- Funds due
- $49,122
- Interest + MI left
- $271,229
- First ends
- Apr 2051
New loan
New conventional
$3,133/mo
+$939/mo- Down payment
- $35,938
- Funds due
- $45,769
- Interest + MI left
- $489,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,062 | $247,062 | $323,062 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,161.20 | $1,161.20 | $2,236.82 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $200.96 | $200.96 | $64.61 |
| Taxes, insurance & HOA | $831.50 | $831.50 | $831.50 |
| Total housing payment | $2,193.66 | $2,805.17 | $3,132.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,938
Closing costs & prepaids$13,184
Usable credit−$0
Total buyer cash needed$49,122
Earnest money paid−$0
Remaining funds due$49,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$1,660.50
Initial HOA (3 months)$384.00
Prepaid interest, first (2 days)$37.50
Prepaid interest, second (2 days)$37.48
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 2.770%
Interest already paid$41,159Through Nov 2026
Assumption only · ends Apr 2051$127,085
Assumption + second · ends Apr 2051, second Dec 2056$271,229
New conventional · ends Dec 2056$489,945