Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $106,778
- Funds due
- $117,205
- Interest + MI left
- $122,727
- First ends
- Nov 2051
Assumption
Assumption + second
$2,219/mo
+$587/mo- Down payment
- $33,778
- Funds due
- $45,617
- Interest + MI left
- $261,182
- First ends
- Nov 2051
New loan
New conventional
$2,486/mo
+$854/mo- Down payment
- $33,778
- Funds due
- $42,443
- Interest + MI left
- $442,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,472 | $229,472 | $302,472 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,071.64 | $1,071.64 | $2,049.05 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $183.79 | $183.79 | $60.49 |
| Taxes, insurance & HOA | $376.50 | $376.50 | $376.50 |
| Total housing payment | $1,631.93 | $2,219.30 | $2,486.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,778
Closing costs & prepaids$11,840
Usable credit−$0
Total buyer cash needed$45,617
Earnest money paid−$0
Remaining funds due$45,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,362.50
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)$403.50
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$160.69
Prepaid interest, second (9 days)$162.00
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$35,380Through Dec 2026
Assumption only · ends Nov 2051$122,727
Assumption + second · ends Nov 2051, second Jan 2057$261,182
New conventional · ends Jan 2057$442,264