Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
Lowest payment- Down payment
- $57,776
- Funds due
- $70,270
- Interest + MI left
- $239,186
- First ends
- Nov 2051
Assumption
Assumption + second
$3,193/mo
+$326/mo- Down payment
- $25,776
- Funds due
- $39,583
- Interest + MI left
- $324,575
- First ends
- Nov 2051
New loan
New conventional
$3,763/mo
+$896/mo- Down payment
- $25,776
- Funds due
- $36,570
- Interest + MI left
- $703,197
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,224 | $447,224 | $479,224 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,088.55 | $2,088.55 | $3,246.43 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $358.18 | $358.18 | $95.84 |
| Taxes, insurance & HOA | $420.34 | $420.34 | $420.34 |
| Total housing payment | $2,867.07 | $3,193.15 | $3,762.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,776
Closing costs & prepaids$13,807
Usable credit−$0
Total buyer cash needed$39,583
Earnest money paid−$0
Remaining funds due$39,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Initial HOA (3 months)$155.01
Prepaid interest, first (6 days)$208.79
Prepaid interest, second (6 days)$62.47
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$68,954Through Dec 2026
Assumption only · ends Nov 2051$239,186
Assumption + second · ends Nov 2051, second Jan 2057$324,575
New conventional · ends Jan 2057$703,197