Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
Lowest payment- Down payment
- $56,154
- Funds due
- $66,931
- Interest + MI left
- $170,796
- First ends
- Nov 2051
Assumption
Assumption + second
$2,462/mo
+$377/mo- Down payment
- $19,154
- Funds due
- $31,289
- Interest + MI left
- $269,527
- First ends
- Nov 2051
New loan
New conventional
$2,806/mo
+$720/mo- Down payment
- $19,154
- Funds due
- $28,336
- Interest + MI left
- $514,819
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,846 | $313,846 | $350,846 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,475.37 | $1,475.37 | $2,376.75 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $251.08 | $251.08 | $70.17 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $2,085.45 | $2,462.48 | $2,805.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,154
Closing costs & prepaids$12,135
Usable credit−$0
Total buyer cash needed$31,289
Earnest money paid−$0
Remaining funds due$31,289
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$183.00
Prepaid interest, first (9 days)$224.42
Prepaid interest, second (9 days)$108.34
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 2.9%
Interest already paid$49,382Through Dec 2026
Assumption only · ends Nov 2051$170,796
Assumption + second · ends Nov 2051, second Jan 2057$269,527
New conventional · ends Jan 2057$514,819