Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,156/mo
Lowest payment- Down payment
- $110,238
- Funds due
- $123,813
- Interest + MI left
- $262,821
- First ends
- Sep 2051
Assumption
Assumption + second
$3,558/mo
+$402/mo- Down payment
- $60,238
- Funds due
- $75,137
- Interest + MI left
- $357,653
- First ends
- Sep 2051
New loan
New conventional
$4,217/mo
+$1,061/mo- Down payment
- $60,238
- Funds due
- $71,815
- Interest + MI left
- $787,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,762 | $488,762 | $538,762 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,303.17 | $2,303.17 | $3,649.76 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $392.96 | $392.96 | $107.75 |
| Taxes, insurance & HOA | $459.58 | $459.58 | $459.58 |
| Total housing payment | $3,155.70 | $3,558.02 | $4,217.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,238
Closing costs & prepaids$14,899
Usable credit−$0
Total buyer cash needed$75,137
Earnest money paid−$0
Remaining funds due$75,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Initial HOA (3 months)$159.99
Prepaid interest, first (6 days)$231.39
Prepaid interest, second (6 days)$73.97
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 9 moOf the original 30-year loan at 2.88%
Interest already paid$79,095Through Dec 2026
Assumption only · ends Sep 2051$262,821
Assumption + second · ends Sep 2051, second Jan 2057$357,653
New conventional · ends Jan 2057$787,759