Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $76,784
- Funds due
- $87,577
- Interest + MI left
- $120,632
- First ends
- Oct 2051
Assumption
Assumption + second
$2,258/mo
+$370/mo- Down payment
- $30,784
- Funds due
- $42,850
- Interest + MI left
- $207,877
- First ends
- Oct 2051
New loan
New conventional
$2,598/mo
+$709/mo- Down payment
- $30,784
- Funds due
- $39,545
- Interest + MI left
- $415,865
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,215 | $228,215 | $274,215 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,061.08 | $1,061.08 | $1,898.61 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $182.92 | $182.92 | $54.84 |
| Taxes, insurance & HOA | $644.33 | $644.33 | $644.33 |
| Total housing payment | $1,888.33 | $2,258.45 | $2,597.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,784
Closing costs & prepaids$12,066
Usable credit−$0
Total buyer cash needed$42,850
Earnest money paid−$0
Remaining funds due$42,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,049.99
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)$1,213.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$35.01
Prepaid interest, second (2 days)$22.68
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 2.800%
Interest already paid$34,705Through Nov 2026
Assumption only · ends Oct 2051$120,632
Assumption + second · ends Oct 2051, second Dec 2056$207,877
New conventional · ends Dec 2056$415,865