Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,523/mo
Lowest payment- Down payment
- $38,521
- Funds due
- $54,167
- Interest + MI left
- $92,728
- First ends
- Oct 2051
Assumption
Assumption + second
$3,808/mo
+$285/mo- Down payment
- $10,521
- Funds due
- $27,435
- Interest + MI left
- $167,444
- First ends
- Oct 2051
New loan
New conventional
$4,002/mo
+$479/mo- Down payment
- $10,521
- Funds due
- $24,315
- Interest + MI left
- $303,448
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,379 | $171,379 | $199,379 |
| Second mortgage | — | $28,000 | — |
| First P&I | $803.87 | $803.87 | $1,380.46 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $137.15 | $137.15 | $39.88 |
| Taxes, insurance & HOA | $2,581.50 | $2,581.50 | $2,581.50 |
| Total housing payment | $3,522.53 | $3,807.85 | $4,001.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$10,521
Closing costs & prepaids$16,914
Usable credit−$0
Total buyer cash needed$27,435
Earnest money paid−$0
Remaining funds due$27,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$6,124.50
Initial HOA (3 months)$1,170.00
Prepaid interest, first (2 days)$27.04
Prepaid interest, second (2 days)$18.22
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$26,785Through Nov 2026
Assumption only · ends Oct 2051$92,728
Assumption + second · ends Oct 2051, second Dec 2056$167,444
New conventional · ends Dec 2056$303,448