Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,592/mo
Lowest payment- Down payment
- $120,049
- Funds due
- $132,624
- Interest + MI left
- $216,577
- First ends
- Nov 2051
Assumption
Assumption + second
$3,131/mo
+$539/mo- Down payment
- $53,049
- Funds due
- $66,990
- Interest + MI left
- $343,652
- First ends
- Nov 2051
New loan
New conventional
$3,668/mo
+$1,076/mo- Down payment
- $53,049
- Funds due
- $63,723
- Interest + MI left
- $690,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,951 | $404,951 | $471,951 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,891.13 | $1,891.13 | $3,197.16 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $324.33 | $324.33 | $94.39 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $2,592.12 | $3,131.22 | $3,668.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,049
Closing costs & prepaids$13,941
Usable credit−$0
Total buyer cash needed$66,990
Earnest money paid−$0
Remaining funds due$66,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (7 days)$220.56
Prepaid interest, second (7 days)$115.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$62,436Through Dec 2026
Assumption only · ends Nov 2051$216,577
Assumption + second · ends Nov 2051, second Jan 2057$343,652
New conventional · ends Jan 2057$690,070