Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,798/mo
Lowest payment- Down payment
- $147,456
- Funds due
- $160,798
- Interest + MI left
- $225,516
- First ends
- Aug 2051
Assumption
Assumption + second
$3,522/mo
+$724/mo- Down payment
- $57,456
- Funds due
- $72,181
- Interest + MI left
- $396,214
- First ends
- Aug 2051
New loan
New conventional
$4,046/mo
+$1,248/mo- Down payment
- $57,456
- Funds due
- $68,825
- Interest + MI left
- $742,012
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,544 | $417,544 | $507,544 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,957.47 | $1,957.47 | $3,438.28 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $334.19 | $334.19 | $101.51 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,798.33 | $3,522.49 | $4,046.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,456
Closing costs & prepaids$14,725
Usable credit−$0
Total buyer cash needed$72,181
Earnest money paid−$0
Remaining funds due$72,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$342.00
Prepaid interest, first (6 days)$197.33
Prepaid interest, second (6 days)$133.15
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 2.875%
Interest already paid$68,143Through Dec 2026
Assumption only · ends Aug 2051$225,516
Assumption + second · ends Aug 2051, second Jan 2057$396,214
New conventional · ends Jan 2057$742,012