Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,564/mo
Lowest payment- Down payment
- $56,789
- Funds due
- $68,796
- Interest + MI left
- $185,165
- First ends
- Nov 2051
Assumption
Assumption + second
$2,931/mo
+$367/mo- Down payment
- $20,789
- Funds due
- $34,128
- Interest + MI left
- $281,228
- First ends
- Nov 2051
New loan
New conventional
$3,326/mo
+$762/mo- Down payment
- $20,789
- Funds due
- $31,121
- Interest + MI left
- $556,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,211 | $343,211 | $379,211 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,608.10 | $1,608.10 | $2,568.91 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $274.72 | $274.72 | $75.84 |
| Taxes, insurance & HOA | $681.00 | $681.00 | $681.00 |
| Total housing payment | $2,563.83 | $2,930.67 | $3,325.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,789
Closing costs & prepaids$13,339
Usable credit−$0
Total buyer cash needed$34,128
Earnest money paid−$0
Remaining funds due$34,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$1,113.00
Prepaid interest, first (7 days)$188.91
Prepaid interest, second (7 days)$81.99
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 2.87%
Interest already paid$53,460Through Dec 2026
Assumption only · ends Nov 2051$185,165
Assumption + second · ends Nov 2051, second Jan 2057$281,228
New conventional · ends Jan 2057$556,441