Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $59,103
- Funds due
- $69,943
- Interest + MI left
- $120,178
- First ends
- Apr 2051
Assumption
Assumption + second
$2,226/mo
+$233/mo- Down payment
- $30,103
- Funds due
- $42,207
- Interest + MI left
- $175,180
- First ends
- Apr 2051
New loan
New conventional
$2,599/mo
+$606/mo- Down payment
- $30,103
- Funds due
- $38,916
- Interest + MI left
- $409,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,697 | $240,697 | $269,697 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,119.04 | $1,119.04 | $1,867.33 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $196.19 | $196.19 | $53.94 |
| Taxes, insurance & HOA | $677.33 | $677.33 | $677.33 |
| Total housing payment | $1,992.57 | $2,225.91 | $2,598.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,103
Closing costs & prepaids$12,105
Usable credit−$0
Total buyer cash needed$42,207
Earnest money paid−$0
Remaining funds due$42,207
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,998.00
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)$1,267.00
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$35.21
Prepaid interest, second (2 days)$14.30
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 2.670%
Interest already paid$38,694Through Nov 2026
Assumption only · ends Apr 2051$120,178
Assumption + second · ends Apr 2051, second Dec 2056$175,180
New conventional · ends Dec 2056$409,014