Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,035/mo
Lowest payment- Down payment
- $55,804
- Funds due
- $68,554
- Interest + MI left
- $254,588
- First ends
- Aug 2051
Assumption
Assumption + second
$3,330/mo
+$296/mo- Down payment
- $26,804
- Funds due
- $40,860
- Interest + MI left
- $331,972
- First ends
- Aug 2051
New loan
New conventional
$3,889/mo
+$855/mo- Down payment
- $26,804
- Funds due
- $37,842
- Interest + MI left
- $723,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,196 | $464,196 | $493,196 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,211.65 | $2,211.65 | $3,341.08 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $373.49 | $373.49 | $98.64 |
| Taxes, insurance & HOA | $449.67 | $449.67 | $449.67 |
| Total housing payment | $3,034.80 | $3,330.31 | $3,889.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,804
Closing costs & prepaids$14,056
Usable credit−$0
Total buyer cash needed$40,860
Earnest money paid−$0
Remaining funds due$40,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$225.87
Prepaid interest, second (6 days)$56.61
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$78,469Through Dec 2026
Assumption only · ends Aug 2051$254,588
Assumption + second · ends Aug 2051, second Jan 2057$331,972
New conventional · ends Jan 2057$723,699