Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,023/mo
Lowest payment- Down payment
- $74,733
- Funds due
- $85,815
- Interest + MI left
- $131,437
- First ends
- Dec 2051
Assumption
Assumption + second
$2,361/mo
+$338/mo- Down payment
- $32,733
- Funds due
- $45,085
- Interest + MI left
- $211,096
- First ends
- Dec 2051
New loan
New conventional
$2,732/mo
+$709/mo- Down payment
- $32,733
- Funds due
- $41,765
- Interest + MI left
- $434,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,267 | $244,267 | $286,267 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,135.52 | $1,135.52 | $1,982.05 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $194.74 | $194.74 | $57.25 |
| Taxes, insurance & HOA | $692.83 | $692.83 | $692.83 |
| Total housing payment | $2,023.09 | $2,361.03 | $2,732.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,733
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$45,085
Earnest money paid−$0
Remaining funds due$45,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$1,583.50
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$38.01
Prepaid interest, second (2 days)$20.71
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 closing25 yr 1 moOf the original 30-year loan at 2.840%
Interest already paid$36,334Through Nov 2026
Assumption only · ends Dec 2051$131,437
Assumption + second · ends Dec 2051, second Dec 2056$211,096
New conventional · ends Dec 2056$434,029