Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $80,874
- Funds due
- $91,371
- Interest + MI left
- $153,289
- First ends
- Nov 2051
Assumption
Assumption + second
$2,225/mo
+$354/mo- Down payment
- $36,874
- Funds due
- $48,686
- Interest + MI left
- $236,741
- First ends
- Nov 2051
New loan
New conventional
$2,601/mo
+$730/mo- Down payment
- $36,874
- Funds due
- $45,456
- Interest + MI left
- $479,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,126 | $284,126 | $328,126 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,331.27 | $1,331.27 | $2,222.84 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $227.43 | $227.43 | $65.63 |
| Taxes, insurance & HOA | $312.67 | $312.67 | $312.67 |
| Total housing payment | $1,871.37 | $2,225.40 | $2,601.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,874
Closing costs & prepaids$11,812
Usable credit−$0
Total buyer cash needed$48,686
Earnest money paid−$0
Remaining funds due$48,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$134.05
Prepaid interest, second (6 days)$65.10
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 2.87%
Interest already paid$44,257Through Dec 2026
Assumption only · ends Nov 2051$153,289
Assumption + second · ends Nov 2051, second Jan 2057$236,741
New conventional · ends Jan 2057$479,774