Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,067/mo
Lowest payment- Down payment
- $94,375
- Funds due
- $105,751
- Interest + MI left
- $137,884
- First ends
- Oct 2051
Assumption
Assumption + second
$2,542/mo
+$475/mo- Down payment
- $35,375
- Funds due
- $48,088
- Interest + MI left
- $249,786
- First ends
- Oct 2051
New loan
New conventional
$2,854/mo
+$787/mo- Down payment
- $35,375
- Funds due
- $44,848
- Interest + MI left
- $460,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,625 | $255,625 | $314,625 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,201.80 | $1,201.80 | $2,131.38 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $205.05 | $205.05 | $62.93 |
| Taxes, insurance & HOA | $660.00 | $660.00 | $660.00 |
| Total housing payment | $2,066.84 | $2,541.57 | $2,854.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,375
Closing costs & prepaids$12,713
Usable credit−$0
Total buyer cash needed$48,088
Earnest money paid−$0
Remaining funds due$48,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$1,110.00
Prepaid interest, first (6 days)$121.02
Prepaid interest, second (6 days)$87.29
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$40,659Through Dec 2026
Assumption only · ends Oct 2051$137,884
Assumption + second · ends Oct 2051, second Jan 2057$249,786
New conventional · ends Jan 2057$460,034