Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $115,108
- Funds due
- $128,577
- Interest + MI left
- $243,542
- First ends
- Oct 2051
Assumption
Assumption + second
$3,488/mo
+$459/mo- Down payment
- $58,108
- Funds due
- $72,911
- Interest + MI left
- $351,651
- First ends
- Oct 2051
New loan
New conventional
$4,134/mo
+$1,104/mo- Down payment
- $58,108
- Funds due
- $69,599
- Interest + MI left
- $763,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,892 | $464,892 | $521,892 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,161.75 | $2,161.75 | $3,535.48 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $373.63 | $373.63 | $104.38 |
| Taxes, insurance & HOA | $493.67 | $493.67 | $493.67 |
| Total housing payment | $3,029.04 | $3,487.68 | $4,133.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,108
Closing costs & prepaids$14,803
Usable credit−$0
Total buyer cash needed$72,911
Earnest money paid−$0
Remaining funds due$72,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$696.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$212.45
Prepaid interest, second (6 days)$84.33
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 2.78%
Interest already paid$71,448Through Dec 2026
Assumption only · ends Oct 2051$243,542
Assumption + second · ends Oct 2051, second Jan 2057$351,651
New conventional · ends Jan 2057$763,092