Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,501/mo
Lowest payment- Down payment
- $55,252
- Funds due
- $67,157
- Interest + MI left
- $171,078
- First ends
- Oct 2051
Assumption
Assumption + second
$2,868/mo
+$367/mo- Down payment
- $19,252
- Funds due
- $32,477
- Interest + MI left
- $267,141
- First ends
- Oct 2051
New loan
New conventional
$3,242/mo
+$742/mo- Down payment
- $19,252
- Funds due
- $29,440
- Interest + MI left
- $529,275
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,648 | $324,648 | $360,648 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,512.94 | $1,512.94 | $2,443.16 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $260.81 | $260.81 | $72.13 |
| Taxes, insurance & HOA | $727.00 | $727.00 | $727.00 |
| Total housing payment | $2,500.76 | $2,867.60 | $3,242.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,252
Closing costs & prepaids$13,225
Usable credit−$0
Total buyer cash needed$32,477
Earnest money paid−$0
Remaining funds due$32,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$1,275.00
Prepaid interest, first (6 days)$149.43
Prepaid interest, second (6 days)$70.27
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 2.8%
Interest already paid$50,243Through Dec 2026
Assumption only · ends Oct 2051$171,078
Assumption + second · ends Oct 2051, second Jan 2057$267,141
New conventional · ends Jan 2057$529,275