Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $122,888
- Funds due
- $134,488
- Interest + MI left
- $142,149
- First ends
- Oct 2051
Assumption
Assumption + second
$2,735/mo
+$676/mo- Down payment
- $38,888
- Funds due
- $51,862
- Interest + MI left
- $301,467
- First ends
- Oct 2051
New loan
New conventional
$3,009/mo
+$950/mo- Down payment
- $38,888
- Funds due
- $48,575
- Interest + MI left
- $497,232
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,112 | $256,112 | $340,112 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,217.33 | $1,217.33 | $2,304.04 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $205.05 | $205.05 | $68.02 |
| Taxes, insurance & HOA | $636.58 | $636.58 | $636.58 |
| Total housing payment | $2,058.96 | $2,734.84 | $3,008.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,888
Closing costs & prepaids$12,974
Usable credit−$0
Total buyer cash needed$51,862
Earnest money paid−$0
Remaining funds due$51,862
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$1,005.00
Prepaid interest, first (6 days)$125.46
Prepaid interest, second (6 days)$124.27
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 2.98%
Interest already paid$42,109Through Dec 2026
Assumption only · ends Oct 2051$142,149
Assumption + second · ends Oct 2051, second Jan 2057$301,467
New conventional · ends Jan 2057$497,232