Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,227/mo
Lowest payment- Down payment
- $120,243
- Funds due
- $132,000
- Interest + MI left
- $165,020
- First ends
- Apr 2051
Assumption
Assumption + second
$2,831/mo
+$603/mo- Down payment
- $45,243
- Funds due
- $58,417
- Interest + MI left
- $307,268
- First ends
- Apr 2051
New loan
New conventional
$3,225/mo
+$998/mo- Down payment
- $45,243
- Funds due
- $55,236
- Interest + MI left
- $584,285
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,657 | $324,657 | $399,657 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,524.60 | $1,524.60 | $2,707.42 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $264.87 | $264.87 | $79.93 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $2,227.47 | $2,830.94 | $3,225.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,243
Closing costs & prepaids$13,174
Usable credit−$0
Total buyer cash needed$58,417
Earnest money paid−$0
Remaining funds due$58,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$534.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$219.34
Prepaid interest, second (9 days)$166.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$54,390Through Dec 2026
Assumption only · ends Apr 2051$165,020
Assumption + second · ends Apr 2051, second Jan 2057$307,268
New conventional · ends Jan 2057$584,285