Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,108/mo
Lowest payment- Down payment
- $93,788
- Funds due
- $105,207
- Interest + MI left
- $138,630
- First ends
- Oct 2051
Assumption
Assumption + second
$2,575/mo
+$467/mo- Down payment
- $35,788
- Funds due
- $48,485
- Interest + MI left
- $248,635
- First ends
- Oct 2051
New loan
New conventional
$2,939/mo
+$832/mo- Down payment
- $35,788
- Funds due
- $45,136
- Interest + MI left
- $476,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,212 | $256,212 | $314,212 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,201.80 | $1,201.80 | $2,175.54 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $205.05 | $205.05 | $62.84 |
| Taxes, insurance & HOA | $701.08 | $701.08 | $701.08 |
| Total housing payment | $2,107.93 | $2,574.61 | $2,939.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,788
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$48,485
Earnest money paid−$0
Remaining funds due$48,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$543.25
Initial HOA (3 months)$1,110.00
Prepaid interest, first (2 days)$40.43
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 closing24 yr 11 moOf the original 30-year loan at 2.880%
Interest already paid$40,044Through Nov 2026
Assumption only · ends Oct 2051$138,630
Assumption + second · ends Oct 2051, second Dec 2056$248,635
New conventional · ends Dec 2056$476,461