Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,294/mo
Lowest payment- Down payment
- $71,628
- Funds due
- $82,882
- Interest + MI left
- $189,251
- First ends
- Oct 2051
Assumption
Assumption + second
$2,528/mo
+$233/mo- Down payment
- $42,628
- Funds due
- $55,175
- Interest + MI left
- $244,254
- First ends
- Oct 2051
New loan
New conventional
$3,016/mo
+$722/mo- Down payment
- $42,628
- Funds due
- $51,940
- Interest + MI left
- $556,898
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,872 | $351,872 | $380,872 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,652.48 | $1,652.48 | $2,580.16 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $282.30 | $282.30 | $76.17 |
| Taxes, insurance & HOA | $359.42 | $359.42 | $359.42 |
| Total housing payment | $2,294.20 | $2,527.54 | $3,015.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,628
Closing costs & prepaids$12,547
Usable credit−$0
Total buyer cash needed$55,175
Earnest money paid−$0
Remaining funds due$55,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,235.00
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)$508.25
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$166.01
Prepaid interest, second (6 days)$42.90
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$55,778Through Dec 2026
Assumption only · ends Oct 2051$189,251
Assumption + second · ends Oct 2051, second Jan 2057$244,254
New conventional · ends Jan 2057$556,898