Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $76,643
- Funds due
- $89,501
- Interest + MI left
- $158,215
- First ends
- Oct 2051
Assumption
Assumption + second
$3,035/mo
+$314/mo- Down payment
- $37,643
- Funds due
- $51,771
- Interest + MI left
- $232,184
- First ends
- Oct 2051
New loan
New conventional
$3,480/mo
+$758/mo- Down payment
- $37,643
- Funds due
- $48,414
- Interest + MI left
- $503,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,257 | $293,257 | $332,257 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,374.05 | $1,374.05 | $2,300.48 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $234.74 | $234.74 | $66.45 |
| Taxes, insurance & HOA | $1,112.75 | $1,112.75 | $1,112.75 |
| Total housing payment | $2,721.54 | $3,035.34 | $3,479.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,643
Closing costs & prepaids$14,128
Usable credit−$0
Total buyer cash needed$51,771
Earnest money paid−$0
Remaining funds due$51,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$1,916.25
Initial HOA (3 months)$972.00
Prepaid interest, first (2 days)$46.12
Prepaid interest, second (2 days)$19.23
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 2.870%
Interest already paid$45,679Through Nov 2026
Assumption only · ends Oct 2051$158,215
Assumption + second · ends Oct 2051, second Dec 2056$232,184
New conventional · ends Dec 2056$503,824