Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $121,622
- Funds due
- $134,391
- Interest + MI left
- $220,323
- First ends
- Nov 2051
Assumption
Assumption + second
$3,221/mo
+$547/mo- Down payment
- $53,622
- Funds due
- $67,742
- Interest + MI left
- $349,295
- First ends
- Nov 2051
New loan
New conventional
$3,756/mo
+$1,082/mo- Down payment
- $53,622
- Funds due
- $64,424
- Interest + MI left
- $696,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,378 | $408,378 | $476,378 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,913.44 | $1,913.44 | $3,227.15 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $326.89 | $326.89 | $95.28 |
| Taxes, insurance & HOA | $433.67 | $433.67 | $433.67 |
| Total housing payment | $2,673.99 | $3,221.14 | $3,756.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,622
Closing costs & prepaids$14,119
Usable credit−$0
Total buyer cash needed$67,742
Earnest money paid−$0
Remaining funds due$67,742
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$165.00
Prepaid interest, first (6 days)$192.66
Prepaid interest, second (6 days)$100.60
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$63,611Through Dec 2026
Assumption only · ends Nov 2051$220,323
Assumption + second · ends Nov 2051, second Jan 2057$349,295
New conventional · ends Jan 2057$696,543