Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,304/mo
Lowest payment- Down payment
- $79,411
- Funds due
- $90,735
- Interest + MI left
- $194,541
- First ends
- Nov 2051
Assumption
Assumption + second
$2,586/mo
+$282/mo- Down payment
- $44,411
- Funds due
- $57,036
- Interest + MI left
- $260,923
- First ends
- Nov 2051
New loan
New conventional
$3,085/mo
+$781/mo- Down payment
- $44,411
- Funds due
- $53,787
- Interest + MI left
- $578,417
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,589 | $360,589 | $395,589 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,689.53 | $1,689.53 | $2,679.86 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $288.63 | $288.63 | $79.12 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $2,304.16 | $2,585.78 | $3,084.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,411
Closing costs & prepaids$12,625
Usable credit−$0
Total buyer cash needed$57,036
Earnest money paid−$0
Remaining funds due$57,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Prepaid interest, first (6 days)$170.12
Prepaid interest, second (6 days)$51.78
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$56,167Through Dec 2026
Assumption only · ends Nov 2051$194,541
Assumption + second · ends Nov 2051, second Jan 2057$260,923
New conventional · ends Jan 2057$578,417