Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,200/mo
Lowest payment- Down payment
- $68,552
- Funds due
- $79,706
- Interest + MI left
- $178,765
- First ends
- Nov 2051
Assumption
Assumption + second
$2,425/mo
+$225/mo- Down payment
- $40,552
- Funds due
- $53,018
- Interest + MI left
- $231,871
- First ends
- Nov 2051
New loan
New conventional
$2,888/mo
+$688/mo- Down payment
- $40,552
- Funds due
- $49,903
- Interest + MI left
- $525,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,348 | $331,348 | $359,348 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,552.52 | $1,552.52 | $2,434.35 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.87 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $2,199.75 | $2,425.05 | $2,888.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,552
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$53,018
Earnest money paid−$0
Remaining funds due$53,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$234.49
Prepaid interest, second (9 days)$62.14
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$51,612Through Dec 2026
Assumption only · ends Nov 2051$178,765
Assumption + second · ends Nov 2051, second Jan 2057$231,871
New conventional · ends Jan 2057$525,426