Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,560/mo
Lowest payment- Down payment
- $191,292
- Funds due
- $204,607
- Interest + MI left
- $200,996
- First ends
- Oct 2051
Assumption
Assumption + second
$3,543/mo
+$983/mo- Down payment
- $57,292
- Funds due
- $72,033
- Interest + MI left
- $420,964
- First ends
- Oct 2051
New loan
New conventional
$4,046/mo
+$1,486/mo- Down payment
- $57,292
- Funds due
- $68,657
- Interest + MI left
- $742,353
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,708 | $373,708 | $507,708 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,755.03 | $1,755.03 | $3,439.39 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $299.82 | $299.82 | $101.54 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $2,559.52 | $3,542.76 | $4,045.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,292
Closing costs & prepaids$14,742
Usable credit−$0
Total buyer cash needed$72,033
Earnest money paid−$0
Remaining funds due$72,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$336.00
Prepaid interest, first (6 days)$176.31
Prepaid interest, second (6 days)$176.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.87%
Interest already paid$59,240Through Dec 2026
Assumption only · ends Oct 2051$200,996
Assumption + second · ends Oct 2051, second Jan 2057$420,964
New conventional · ends Jan 2057$742,353