Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,614/mo
Lowest payment- Down payment
- $153,900
- Funds due
- $166,886
- Interest + MI left
- $213,646
- First ends
- Nov 2051
Assumption
Assumption + second
$3,403/mo
+$789/mo- Down payment
- $55,900
- Funds due
- $70,281
- Interest + MI left
- $399,517
- First ends
- Nov 2051
New loan
New conventional
$3,887/mo
+$1,273/mo- Down payment
- $55,900
- Funds due
- $66,923
- Interest + MI left
- $722,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,000 | $396,000 | $494,000 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,855.45 | $1,855.45 | $3,346.53 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $316.98 | $316.98 | $98.80 |
| Taxes, insurance & HOA | $441.67 | $441.67 | $441.67 |
| Total housing payment | $2,614.09 | $3,402.62 | $3,886.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,900
Closing costs & prepaids$14,381
Usable credit−$0
Total buyer cash needed$70,281
Earnest money paid−$0
Remaining funds due$70,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Initial HOA (3 months)$165.00
Prepaid interest, first (6 days)$186.83
Prepaid interest, second (6 days)$144.99
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$61,683Through Dec 2026
Assumption only · ends Nov 2051$213,646
Assumption + second · ends Nov 2051, second Jan 2057$399,517
New conventional · ends Jan 2057$722,211