Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $77,623
- Funds due
- $88,140
- Interest + MI left
- $78,210
- First ends
- Oct 2051
Assumption
Assumption + second
$2,054/mo
+$418/mo- Down payment
- $25,623
- Funds due
- $37,441
- Interest + MI left
- $176,835
- First ends
- Oct 2051
New loan
New conventional
$2,297/mo
+$662/mo- Down payment
- $25,623
- Funds due
- $34,217
- Interest + MI left
- $328,402
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,277 | $175,277 | $227,277 |
| Second mortgage | — | $52,000 | — |
| First P&I | $769.99 | $769.99 | $1,528.91 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $142.31 | $142.31 | $45.46 |
| Taxes, insurance & HOA | $723.00 | $723.00 | $723.00 |
| Total housing payment | $1,635.30 | $2,053.70 | $2,297.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,623
Closing costs & prepaids$11,818
Usable credit−$0
Total buyer cash needed$37,441
Earnest money paid−$0
Remaining funds due$37,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,529.00
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)$645.00
Initial HOA (3 months)$1,074.00
Prepaid interest, first (4 days)$43.60
Prepaid interest, second (4 days)$51.29
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 10 moOf the original 30-year loan at 2.27%
Interest already paid$22,113Through Dec 2026
Assumption only · ends Oct 2051$78,210
Assumption + second · ends Oct 2051, second Jan 2057$176,835
New conventional · ends Jan 2057$328,402