Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,135/mo
Lowest payment- Down payment
- $122,496
- Funds due
- $134,093
- Interest + MI left
- $169,678
- First ends
- Nov 2051
Assumption
Assumption + second
$2,763/mo
+$628/mo- Down payment
- $44,496
- Funds due
- $57,516
- Interest + MI left
- $317,616
- First ends
- Nov 2051
New loan
New conventional
$3,147/mo
+$1,012/mo- Down payment
- $44,496
- Funds due
- $54,320
- Interest + MI left
- $573,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,504 | $314,504 | $392,504 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,473.60 | $1,473.60 | $2,658.96 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $251.75 | $251.75 | $78.50 |
| Taxes, insurance & HOA | $409.83 | $409.83 | $409.83 |
| Total housing payment | $2,135.18 | $2,762.78 | $3,147.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,496
Closing costs & prepaids$13,020
Usable credit−$0
Total buyer cash needed$57,516
Earnest money paid−$0
Remaining funds due$57,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,370.00
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)$524.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$222.57
Prepaid interest, second (9 days)$173.10
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 2.87%
Interest already paid$48,988Through Dec 2026
Assumption only · ends Nov 2051$169,678
Assumption + second · ends Nov 2051, second Jan 2057$317,616
New conventional · ends Jan 2057$573,827