Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $61,804
- Funds due
- $72,229
- Interest + MI left
- $156,837
- First ends
- Dec 2051
Assumption
Assumption + second
$2,152/mo
+$209/mo- Down payment
- $35,804
- Funds due
- $47,492
- Interest + MI left
- $206,150
- First ends
- Dec 2051
New loan
New conventional
$2,606/mo
+$663/mo- Down payment
- $35,804
- Funds due
- $44,153
- Interest + MI left
- $476,285
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,096 | $288,096 | $314,096 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,345.21 | $1,345.21 | $2,174.74 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $229.52 | $229.52 | $62.82 |
| Taxes, insurance & HOA | $368.42 | $368.42 | $368.42 |
| Total housing payment | $1,943.14 | $2,152.34 | $2,605.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,804
Closing costs & prepaids$11,688
Usable credit−$0
Total buyer cash needed$47,492
Earnest money paid−$0
Remaining funds due$47,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$397.25
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$45.46
Prepaid interest, second (2 days)$12.82
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 2.880%
Interest already paid$43,441Through Nov 2026
Assumption only · ends Dec 2051$156,837
Assumption + second · ends Dec 2051, second Dec 2056$206,150
New conventional · ends Dec 2056$476,285