Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,067/mo
Lowest payment- Down payment
- $138,936
- Funds due
- $150,554
- Interest + MI left
- $163,636
- First ends
- Nov 2051
Assumption
Assumption + second
$2,823/mo
+$756/mo- Down payment
- $44,936
- Funds due
- $58,012
- Interest + MI left
- $341,921
- First ends
- Nov 2051
New loan
New conventional
$3,182/mo
+$1,116/mo- Down payment
- $44,936
- Funds due
- $54,798
- Interest + MI left
- $584,814
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,964 | $305,964 | $399,964 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,428.86 | $1,428.86 | $2,709.50 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $245.05 | $245.05 | $79.99 |
| Taxes, insurance & HOA | $393.00 | $393.00 | $393.00 |
| Total housing payment | $2,066.90 | $2,823.25 | $3,182.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,936
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$58,012
Earnest money paid−$0
Remaining funds due$58,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$534.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$214.26
Prepaid interest, second (9 days)$208.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.84%
Interest already paid$47,174Through Dec 2026
Assumption only · ends Nov 2051$163,636
Assumption + second · ends Nov 2051, second Jan 2057$341,921
New conventional · ends Jan 2057$584,814