Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,554/mo
Lowest payment- Down payment
- $170,012
- Funds due
- $182,989
- Interest + MI left
- $195,279
- First ends
- Feb 2051
Assumption
Assumption + second
$3,391/mo
+$836/mo- Down payment
- $56,012
- Funds due
- $70,414
- Interest + MI left
- $382,416
- First ends
- Feb 2051
New loan
New conventional
$3,915/mo
+$1,361/mo- Down payment
- $56,012
- Funds due
- $67,120
- Interest + MI left
- $736,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,988 | $389,988 | $503,988 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,834.34 | $1,834.34 | $3,414.19 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $319.93 | $319.93 | $100.80 |
| Taxes, insurance & HOA | $399.84 | $399.84 | $399.84 |
| Total housing payment | $2,554.11 | $3,390.60 | $3,914.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,012
Closing costs & prepaids$14,402
Usable credit−$0
Total buyer cash needed$70,414
Earnest money paid−$0
Remaining funds due$70,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Initial HOA (3 months)$27.51
Prepaid interest, first (7 days)$202.69
Prepaid interest, second (7 days)$174.90
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$66,724Through Dec 2026
Assumption only · ends Feb 2051$195,279
Assumption + second · ends Feb 2051, second Jan 2057$382,416
New conventional · ends Jan 2057$736,914