Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $169,740
- Funds due
- $180,962
- Interest + MI left
- $125,040
- First ends
- Apr 2051
Assumption
Assumption + second
$2,714/mo
+$939/mo- Down payment
- $41,740
- Funds due
- $54,240
- Interest + MI left
- $335,158
- First ends
- Apr 2051
New loan
New conventional
$3,085/mo
+$1,310/mo- Down payment
- $41,740
- Funds due
- $50,802
- Interest + MI left
- $566,059
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,250 | $245,250 | $373,250 |
| Second mortgage | — | $128,000 | — |
| First P&I | $1,148.94 | $1,148.94 | $2,584.31 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $199.61 | $199.61 | $74.65 |
| Taxes, insurance & HOA | $426.42 | $426.42 | $426.42 |
| Total housing payment | $1,774.96 | $2,714.18 | $3,085.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,740
Closing costs & prepaids$12,501
Usable credit−$0
Total buyer cash needed$54,240
Earnest money paid−$0
Remaining funds due$54,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.90
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)$646.25
Initial HOA (3 months)$183.00
Prepaid interest, first (1 days)$18.41
Prepaid interest, second (1 days)$28.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$40,428Through Nov 2026
Assumption only · ends Apr 2051$125,040
Assumption + second · ends Apr 2051, second Dec 2056$335,158
New conventional · ends Dec 2056$566,059