Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,086/mo
Lowest payment- Down payment
- $70,832
- Funds due
- $81,768
- Interest + MI left
- $169,227
- First ends
- Nov 2051
Assumption
Assumption + second
$2,343/mo
+$257/mo- Down payment
- $38,832
- Funds due
- $51,089
- Interest + MI left
- $229,920
- First ends
- Nov 2051
New loan
New conventional
$2,776/mo
+$690/mo- Down payment
- $38,832
- Funds due
- $47,970
- Interest + MI left
- $505,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,668 | $313,668 | $345,668 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,469.68 | $1,469.68 | $2,341.68 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $251.08 | $251.08 | $69.13 |
| Taxes, insurance & HOA | $364.83 | $364.83 | $364.83 |
| Total housing payment | $2,085.59 | $2,343.07 | $2,775.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,832
Closing costs & prepaids$12,257
Usable credit−$0
Total buyer cash needed$51,089
Earnest money paid−$0
Remaining funds due$51,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,845.00
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)$461.50
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$221.97
Prepaid interest, second (9 days)$71.01
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$48,858Through Dec 2026
Assumption only · ends Nov 2051$169,227
Assumption + second · ends Nov 2051, second Jan 2057$229,920
New conventional · ends Jan 2057$505,424