Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $104,989
- Funds due
- $115,343
- Interest + MI left
- $132,264
- First ends
- Jan 2051
Assumption
Assumption + second
$2,284/mo
+$547/mo- Down payment
- $36,989
- Funds due
- $48,626
- Interest + MI left
- $261,236
- First ends
- Jan 2051
New loan
New conventional
$2,614/mo
+$877/mo- Down payment
- $36,989
- Funds due
- $45,264
- Interest + MI left
- $489,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,011 | $255,011 | $323,011 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,215.06 | $1,215.06 | $2,236.46 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $208.65 | $208.65 | $64.60 |
| Taxes, insurance & HOA | $313.08 | $313.08 | $313.08 |
| Total housing payment | $1,736.79 | $2,283.94 | $2,614.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,989
Closing costs & prepaids$11,637
Usable credit−$0
Total buyer cash needed$48,626
Earnest money paid−$0
Remaining funds due$48,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$219.25
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$39.54
Prepaid interest, second (2 days)$33.53
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$45,499Through Nov 2026
Assumption only · ends Jan 2051$132,264
Assumption + second · ends Jan 2051, second Dec 2056$261,236
New conventional · ends Dec 2056$489,739