Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $43,573
- Funds due
- $54,390
- Interest + MI left
- $134,298
- First ends
- Nov 2051
Assumption
Assumption + second
$2,311/mo
+$285/mo- Down payment
- $15,573
- Funds due
- $27,704
- Interest + MI left
- $209,014
- First ends
- Nov 2051
New loan
New conventional
$2,591/mo
+$566/mo- Down payment
- $15,573
- Funds due
- $24,679
- Interest + MI left
- $406,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,927 | $248,927 | $276,927 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,166.34 | $1,166.34 | $1,876.00 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $199.25 | $199.25 | $55.39 |
| Taxes, insurance & HOA | $660.00 | $660.00 | $660.00 |
| Total housing payment | $2,025.60 | $2,310.92 | $2,591.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,573
Closing costs & prepaids$12,131
Usable credit−$0
Total buyer cash needed$27,704
Earnest money paid−$0
Remaining funds due$27,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,925.00
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)$351.00
Initial HOA (3 months)$1,179.00
Prepaid interest, first (7 days)$137.01
Prepaid interest, second (7 days)$63.77
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$38,774Through Dec 2026
Assumption only · ends Nov 2051$134,298
Assumption + second · ends Nov 2051, second Jan 2057$209,014
New conventional · ends Jan 2057$406,298