Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $92,570
- Funds due
- $103,952
- Interest + MI left
- $111,005
- First ends
- Apr 2051
Assumption
Assumption + second
$2,507/mo
+$491/mo- Down payment
- $31,570
- Funds due
- $44,262
- Interest + MI left
- $226,700
- First ends
- Apr 2051
New loan
New conventional
$2,760/mo
+$744/mo- Down payment
- $31,570
- Funds due
- $40,992
- Interest + MI left
- $409,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,330 | $222,330 | $283,330 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,037.29 | $1,037.29 | $1,905.98 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $181.62 | $181.62 | $56.67 |
| Taxes, insurance & HOA | $797.67 | $797.67 | $797.67 |
| Total housing payment | $2,016.58 | $2,507.40 | $2,760.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,570
Closing costs & prepaids$12,692
Usable credit−$0
Total buyer cash needed$44,262
Earnest money paid−$0
Remaining funds due$44,262
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$803.00
Initial HOA (3 months)$1,140.00
Prepaid interest, first (4 days)$65.30
Prepaid interest, second (4 days)$60.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4 moOf the original 30-year loan at 2.68%
Interest already paid$36,456Through Dec 2026
Assumption only · ends Apr 2051$111,005
Assumption + second · ends Apr 2051, second Jan 2057$226,700
New conventional · ends Jan 2057$409,396