Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,602/mo
Lowest payment- Down payment
- $78,151
- Funds due
- $90,290
- Interest + MI left
- $211,063
- First ends
- Jun 2051
Assumption
Assumption + second
$2,843/mo
+$241/mo- Down payment
- $48,151
- Funds due
- $61,592
- Interest + MI left
- $267,962
- First ends
- Jun 2051
New loan
New conventional
$3,375/mo
+$773/mo- Down payment
- $48,151
- Funds due
- $58,378
- Interest + MI left
- $623,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,749 | $396,749 | $426,749 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,881.65 | $1,881.65 | $2,890.95 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $321.25 | $321.25 | $85.35 |
| Taxes, insurance & HOA | $398.92 | $398.92 | $398.92 |
| Total housing payment | $2,601.81 | $2,843.20 | $3,375.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,151
Closing costs & prepaids$13,441
Usable credit−$0
Total buyer cash needed$61,592
Earnest money paid−$0
Remaining funds due$61,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$570.00
Initial HOA (3 months)$126.75
Prepaid interest, first (7 days)$218.76
Prepaid interest, second (7 days)$51.78
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 6 moOf the original 30-year loan at 2.875%
Interest already paid$67,411Through Dec 2026
Assumption only · ends Jun 2051$211,063
Assumption + second · ends Jun 2051, second Jan 2057$267,962
New conventional · ends Jan 2057$623,978