Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,524/mo
Lowest payment- Down payment
- $73,112
- Funds due
- $85,164
- Interest + MI left
- $178,733
- First ends
- Aug 2051
Assumption
Assumption + second
$2,790/mo
+$266/mo- Down payment
- $40,112
- Funds due
- $53,463
- Interest + MI left
- $241,322
- First ends
- Aug 2051
New loan
New conventional
$3,213/mo
+$688/mo- Down payment
- $40,112
- Funds due
- $50,228
- Interest + MI left
- $524,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,888 | $325,888 | $358,888 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,552.68 | $1,552.68 | $2,431.23 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $262.20 | $262.20 | $71.78 |
| Taxes, insurance & HOA | $709.58 | $709.58 | $709.58 |
| Total housing payment | $2,524.47 | $2,789.99 | $3,212.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,112
Closing costs & prepaids$13,351
Usable credit−$0
Total buyer cash needed$53,463
Earnest money paid−$0
Remaining funds due$53,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (6 days)$158.57
Prepaid interest, second (6 days)$48.82
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$55,089Through Dec 2026
Assumption only · ends Aug 2051$178,733
Assumption + second · ends Aug 2051, second Jan 2057$241,322
New conventional · ends Jan 2057$524,754