Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,061/mo
Lowest payment- Down payment
- $63,688
- Funds due
- $74,422
- Interest + MI left
- $153,685
- First ends
- Feb 2051
Assumption
Assumption + second
$2,279/mo
+$217/mo- Down payment
- $36,688
- Funds due
- $48,712
- Interest + MI left
- $204,895
- First ends
- Feb 2051
New loan
New conventional
$2,662/mo
+$601/mo- Down payment
- $36,688
- Funds due
- $45,499
- Interest + MI left
- $472,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,312 | $296,312 | $323,312 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,411.85 | $1,411.85 | $2,190.23 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $242.44 | $242.44 | $64.66 |
| Taxes, insurance & HOA | $407.00 | $407.00 | $407.00 |
| Total housing payment | $2,061.29 | $2,278.54 | $2,661.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,688
Closing costs & prepaids$12,024
Usable credit−$0
Total buyer cash needed$48,712
Earnest money paid−$0
Remaining funds due$48,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$339.00
Prepaid interest, first (6 days)$137.85
Prepaid interest, second (6 days)$39.95
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$52,868Through Dec 2026
Assumption only · ends Feb 2051$153,685
Assumption + second · ends Feb 2051, second Jan 2057$204,895
New conventional · ends Jan 2057$472,671