Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,994/mo
Lowest payment- Down payment
- $62,364
- Funds due
- $75,097
- Interest + MI left
- $240,718
- First ends
- Aug 2051
Assumption
Assumption + second
$3,371/mo
+$377/mo- Down payment
- $25,364
- Funds due
- $39,372
- Interest + MI left
- $339,449
- First ends
- Aug 2051
New loan
New conventional
$3,943/mo
+$949/mo- Down payment
- $25,364
- Funds due
- $36,165
- Interest + MI left
- $722,133
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,536 | $437,536 | $474,536 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,079.85 | $2,079.85 | $3,285.59 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $351.23 | $351.23 | $94.91 |
| Taxes, insurance & HOA | $562.67 | $562.67 | $562.67 |
| Total housing payment | $2,993.75 | $3,370.78 | $3,943.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,364
Closing costs & prepaids$14,007
Usable credit−$0
Total buyer cash needed$39,372
Earnest money paid−$0
Remaining funds due$39,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,014.00
Initial HOA (3 months)$174.00
Prepaid interest, first (2 days)$70.96
Prepaid interest, second (2 days)$24.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 9 moOf the original 30-year loan at 2.960%
Interest already paid$72,713Through Nov 2026
Assumption only · ends Aug 2051$240,718
Assumption + second · ends Aug 2051, second Dec 2056$339,449
New conventional · ends Dec 2056$722,133