Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,632/mo
Lowest payment- Down payment
- $163,298
- Funds due
- $176,546
- Interest + MI left
- $183,850
- First ends
- Apr 2051
Assumption
Assumption + second
$3,439/mo
+$807/mo- Down payment
- $53,298
- Funds due
- $67,892
- Interest + MI left
- $364,421
- First ends
- Apr 2051
New loan
New conventional
$3,905/mo
+$1,274/mo- Down payment
- $53,298
- Funds due
- $64,471
- Interest + MI left
- $681,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,702 | $361,702 | $471,702 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,698.56 | $1,698.56 | $3,173.17 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $295.10 | $295.10 | $94.34 |
| Taxes, insurance & HOA | $637.92 | $637.92 | $637.92 |
| Total housing payment | $2,631.57 | $3,438.71 | $3,905.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,298
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$67,892
Earnest money paid−$0
Remaining funds due$67,892
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,338.75
Initial HOA (3 months)$75.00
Prepaid interest, first (4 days)$108.61
Prepaid interest, second (4 days)$96.44
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 2.74%
Interest already paid$60,596Through Dec 2026
Assumption only · ends Apr 2051$183,850
Assumption + second · ends Apr 2051, second Jan 2057$364,421
New conventional · ends Jan 2057$681,582