Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $108,992
- Funds due
- $119,900
- Interest + MI left
- $130,755
- First ends
- Apr 2051
Assumption
Assumption + second
$2,462/mo
+$579/mo- Down payment
- $36,992
- Funds due
- $49,221
- Interest + MI left
- $267,313
- First ends
- Apr 2051
New loan
New conventional
$2,748/mo
+$865/mo- Down payment
- $36,992
- Funds due
- $45,910
- Interest + MI left
- $476,843
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,008 | $258,008 | $330,008 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,210.30 | $1,210.30 | $2,219.98 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $210.54 | $210.54 | $66.00 |
| Taxes, insurance & HOA | $461.92 | $461.92 | $461.92 |
| Total housing payment | $1,882.76 | $2,462.09 | $2,747.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,992
Closing costs & prepaids$12,229
Usable credit−$0
Total buyer cash needed$49,221
Earnest money paid−$0
Remaining funds due$49,221
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,670.00
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)$935.75
Prepaid interest, first (4 days)$77.19
Prepaid interest, second (4 days)$71.01
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$43,071Through Dec 2026
Assumption only · ends Apr 2051$130,755
Assumption + second · ends Apr 2051, second Jan 2057$267,313
New conventional · ends Jan 2057$476,843