Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,000/mo
Lowest payment- Down payment
- $116,159
- Funds due
- $127,394
- Interest + MI left
- $158,039
- First ends
- Oct 2051
Assumption
Assumption + second
$2,603/mo
+$603/mo- Down payment
- $41,159
- Funds due
- $53,811
- Interest + MI left
- $300,288
- First ends
- Oct 2051
New loan
New conventional
$2,956/mo
+$957/mo- Down payment
- $41,159
- Funds due
- $50,627
- Interest + MI left
- $539,307
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,841 | $293,841 | $368,841 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,379.95 | $1,379.95 | $2,498.66 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $235.75 | $235.75 | $73.77 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $1,999.69 | $2,603.16 | $2,956.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,159
Closing costs & prepaids$12,651
Usable credit−$0
Total buyer cash needed$53,811
Earnest money paid−$0
Remaining funds due$53,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$207.94
Prepaid interest, second (9 days)$166.44
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$46,579Through Dec 2026
Assumption only · ends Oct 2051$158,039
Assumption + second · ends Oct 2051, second Jan 2057$300,288
New conventional · ends Jan 2057$539,307