Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $54,565
- Funds due
- $65,296
- Interest + MI left
- $164,275
- First ends
- Oct 2051
Assumption
Assumption + second
$2,426/mo
+$367/mo- Down payment
- $18,565
- Funds due
- $30,652
- Interest + MI left
- $260,338
- First ends
- Oct 2051
New loan
New conventional
$2,761/mo
+$702/mo- Down payment
- $18,565
- Funds due
- $27,699
- Interest + MI left
- $501,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,435 | $305,435 | $341,435 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,434.40 | $1,434.40 | $2,313.00 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $245.05 | $245.05 | $68.29 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,059.44 | $2,426.28 | $2,761.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,565
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$30,652
Earnest money paid−$0
Remaining funds due$30,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$216.15
Prepaid interest, second (9 days)$105.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.87%
Interest already paid$48,417Through Dec 2026
Assumption only · ends Oct 2051$164,275
Assumption + second · ends Oct 2051, second Jan 2057$260,338
New conventional · ends Jan 2057$501,010