Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,104/mo
Lowest payment- Down payment
- $90,688
- Funds due
- $104,064
- Interest + MI left
- $256,002
- First ends
- Nov 2051
Assumption
Assumption + second
$3,369/mo
+$266/mo- Down payment
- $57,688
- Funds due
- $72,371
- Interest + MI left
- $318,591
- First ends
- Nov 2051
New loan
New conventional
$4,072/mo
+$968/mo- Down payment
- $57,688
- Funds due
- $69,139
- Interest + MI left
- $756,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,312 | $484,312 | $517,312 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,251.79 | $2,251.79 | $3,504.45 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $388.18 | $388.18 | $103.46 |
| Taxes, insurance & HOA | $463.67 | $463.67 | $463.67 |
| Total housing payment | $3,103.64 | $3,369.17 | $4,071.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,688
Closing costs & prepaids$14,683
Usable credit−$0
Total buyer cash needed$72,371
Earnest money paid−$0
Remaining funds due$72,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$201.00
Prepaid interest, first (7 days)$260.07
Prepaid interest, second (7 days)$56.96
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 11 moOf the original 30-year loan at 2.8%
Interest already paid$73,649Through Dec 2026
Assumption only · ends Nov 2051$256,002
Assumption + second · ends Nov 2051, second Jan 2057$318,591
New conventional · ends Jan 2057$756,396