Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
Lowest payment- Down payment
- $56,799
- Funds due
- $67,373
- Interest + MI left
- $122,047
- First ends
- Nov 2051
Assumption
Assumption + second
$2,088/mo
+$225/mo- Down payment
- $28,799
- Funds due
- $40,664
- Interest + MI left
- $175,153
- First ends
- Nov 2051
New loan
New conventional
$2,401/mo
+$538/mo- Down payment
- $28,799
- Funds due
- $37,480
- Interest + MI left
- $374,608
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,201 | $228,201 | $256,201 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,065.70 | $1,065.70 | $1,735.59 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $182.77 | $182.77 | $51.24 |
| Taxes, insurance & HOA | $614.00 | $614.00 | $614.00 |
| Total housing payment | $1,862.47 | $2,087.76 | $2,400.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,799
Closing costs & prepaids$11,865
Usable credit−$0
Total buyer cash needed$40,664
Earnest money paid−$0
Remaining funds due$40,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$106.54
Prepaid interest, second (6 days)$41.42
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$35,184Through Dec 2026
Assumption only · ends Nov 2051$122,047
Assumption + second · ends Nov 2051, second Jan 2057$175,153
New conventional · ends Jan 2057$374,608