Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,063/mo
Lowest payment- Down payment
- $116,092
- Funds due
- $129,607
- Interest + MI left
- $244,048
- First ends
- Dec 2051
Assumption
Assumption + second
$3,530/mo
+$467/mo- Down payment
- $58,092
- Funds due
- $72,885
- Interest + MI left
- $354,053
- First ends
- Dec 2051
New loan
New conventional
$4,255/mo
+$1,192/mo- Down payment
- $58,092
- Funds due
- $69,365
- Interest + MI left
- $783,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $458,908 | $458,908 | $516,908 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,123.87 | $2,123.87 | $3,578.97 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $366.13 | $366.13 | $103.38 |
| Taxes, insurance & HOA | $573.08 | $573.08 | $573.08 |
| Total housing payment | $3,063.09 | $3,529.77 | $4,255.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,092
Closing costs & prepaids$14,793
Usable credit−$0
Total buyer cash needed$72,885
Earnest money paid−$0
Remaining funds due$72,885
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$844.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$70.41
Prepaid interest, second (2 days)$28.60
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 2.800%
Interest already paid$67,326Through Nov 2026
Assumption only · ends Dec 2051$244,048
Assumption + second · ends Dec 2051, second Dec 2056$354,053
New conventional · ends Dec 2056$783,822