Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $60,219
- Funds due
- $70,818
- Interest + MI left
- $113,124
- First ends
- Jan 2051
Assumption
Assumption + second
$2,120/mo
+$257/mo- Down payment
- $28,219
- Funds due
- $40,123
- Interest + MI left
- $173,816
- First ends
- Jan 2051
New loan
New conventional
$2,388/mo
+$525/mo- Down payment
- $28,219
- Funds due
- $36,963
- Interest + MI left
- $366,683
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,781 | $218,781 | $250,781 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,044.95 | $1,044.95 | $1,698.88 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $179.44 | $179.44 | $50.16 |
| Taxes, insurance & HOA | $638.58 | $638.58 | $638.58 |
| Total housing payment | $1,862.97 | $2,120.45 | $2,387.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,219
Closing costs & prepaids$11,905
Usable credit−$0
Total buyer cash needed$40,123
Earnest money paid−$0
Remaining funds due$40,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$334.75
Initial HOA (3 months)$1,131.00
Prepaid interest, first (7 days)$118.74
Prepaid interest, second (7 days)$55.23
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$39,647Through Dec 2026
Assumption only · ends Jan 2051$113,124
Assumption + second · ends Jan 2051, second Jan 2057$173,816
New conventional · ends Jan 2057$366,683