Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
Lowest payment- Down payment
- $84,956
- Funds due
- $96,517
- Interest + MI left
- $182,359
- First ends
- Dec 2051
Assumption
Assumption + second
$2,696/mo
+$346/mo- Down payment
- $41,956
- Funds due
- $54,778
- Interest + MI left
- $263,914
- First ends
- Dec 2051
New loan
New conventional
$3,206/mo
+$855/mo- Down payment
- $41,956
- Funds due
- $51,348
- Interest + MI left
- $570,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,044 | $333,044 | $376,044 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $2,603.65 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $265.23 | $265.23 | $75.21 |
| Taxes, insurance & HOA | $526.75 | $526.75 | $526.75 |
| Total housing payment | $2,350.51 | $2,696.50 | $3,205.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,956
Closing costs & prepaids$12,822
Usable credit−$0
Total buyer cash needed$54,778
Earnest money paid−$0
Remaining funds due$54,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$692.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$26.46
Prepaid interest, second (1 days)$10.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$50,558Through Nov 2026
Assumption only · ends Dec 2051$182,359
Assumption + second · ends Dec 2051, second Dec 2056$263,914
New conventional · ends Dec 2056$570,296