Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,806/mo
Lowest payment- Down payment
- $87,807
- Funds due
- $100,484
- Interest + MI left
- $230,386
- First ends
- Oct 2051
Assumption
Assumption + second
$3,087/mo
+$282/mo- Down payment
- $52,807
- Funds due
- $66,786
- Interest + MI left
- $296,769
- First ends
- Oct 2051
New loan
New conventional
$3,710/mo
+$905/mo- Down payment
- $52,807
- Funds due
- $63,512
- Interest + MI left
- $690,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,193 | $437,193 | $472,193 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,037.43 | $2,037.43 | $3,198.80 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $351.23 | $351.23 | $94.44 |
| Taxes, insurance & HOA | $417.00 | $417.00 | $417.00 |
| Total housing payment | $2,805.66 | $3,087.28 | $3,710.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,807
Closing costs & prepaids$13,979
Usable credit−$0
Total buyer cash needed$66,786
Earnest money paid−$0
Remaining funds due$66,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$201.23
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$67,661Through Dec 2026
Assumption only · ends Oct 2051$230,386
Assumption + second · ends Oct 2051, second Jan 2057$296,769
New conventional · ends Jan 2057$690,424