Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $51,533
- Funds due
- $63,007
- Interest + MI left
- $146,791
- First ends
- Nov 2051
Assumption
Assumption + second
$2,629/mo
+$357/mo- Down payment
- $16,533
- Funds due
- $29,326
- Interest + MI left
- $240,185
- First ends
- Nov 2051
New loan
New conventional
$2,929/mo
+$657/mo- Down payment
- $16,533
- Funds due
- $26,279
- Interest + MI left
- $454,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,467 | $274,467 | $309,467 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,281.77 | $1,281.77 | $2,096.44 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $219.82 | $219.82 | $61.89 |
| Taxes, insurance & HOA | $770.42 | $770.42 | $770.42 |
| Total housing payment | $2,272.01 | $2,628.66 | $2,928.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,533
Closing costs & prepaids$12,793
Usable credit−$0
Total buyer cash needed$29,326
Earnest money paid−$0
Remaining funds due$29,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,260.00
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)$391.25
Initial HOA (3 months)$1,470.00
Prepaid interest, first (6 days)$128.13
Prepaid interest, second (6 days)$68.32
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$42,318Through Dec 2026
Assumption only · ends Nov 2051$146,791
Assumption + second · ends Nov 2051, second Jan 2057$240,185
New conventional · ends Jan 2057$454,163