Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $148,376
- Funds due
- $161,435
- Interest + MI left
- $183,267
- First ends
- Apr 2051
Assumption
Assumption + second
$3,397/mo
+$780/mo- Down payment
- $51,376
- Funds due
- $65,780
- Interest + MI left
- $367,241
- First ends
- Apr 2051
New loan
New conventional
$3,802/mo
+$1,185/mo- Down payment
- $51,376
- Funds due
- $62,370
- Interest + MI left
- $662,686
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,624 | $361,624 | $458,624 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,696.36 | $1,696.36 | $3,085.19 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $295.10 | $295.10 | $91.72 |
| Taxes, insurance & HOA | $625.17 | $625.17 | $625.17 |
| Total housing payment | $2,616.62 | $3,397.10 | $3,802.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,376
Closing costs & prepaids$14,404
Usable credit−$0
Total buyer cash needed$65,780
Earnest money paid−$0
Remaining funds due$65,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$1,300.50
Initial HOA (3 months)$75.00
Prepaid interest, first (4 days)$108.19
Prepaid interest, second (4 days)$95.67
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 2.73%
Interest already paid$60,368Through Dec 2026
Assumption only · ends Apr 2051$183,267
Assumption + second · ends Apr 2051, second Jan 2057$367,241
New conventional · ends Jan 2057$662,686