Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,238/mo
Lowest payment- Down payment
- $66,525
- Funds due
- $77,746
- Interest + MI left
- $177,355
- First ends
- Aug 2051
Assumption
Assumption + second
$2,455/mo
+$217/mo- Down payment
- $39,525
- Funds due
- $52,055
- Interest + MI left
- $228,564
- First ends
- Aug 2051
New loan
New conventional
$2,881/mo
+$643/mo- Down payment
- $39,525
- Funds due
- $48,935
- Interest + MI left
- $512,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,375 | $323,375 | $350,375 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,540.71 | $1,540.71 | $2,373.56 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $260.18 | $260.18 | $70.08 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $2,237.89 | $2,455.14 | $2,880.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,525
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$52,055
Earnest money paid−$0
Remaining funds due$52,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Initial HOA (3 months)$393.00
Prepaid interest, first (9 days)$236.02
Prepaid interest, second (9 days)$59.92
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$54,664Through Dec 2026
Assumption only · ends Aug 2051$177,355
Assumption + second · ends Aug 2051, second Jan 2057$228,564
New conventional · ends Jan 2057$512,306