Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,781/mo
Lowest payment- Down payment
- $76,349
- Funds due
- $86,858
- Interest + MI left
- $128,755
- First ends
- Nov 2051
Assumption
Assumption + second
$2,135/mo
+$354/mo- Down payment
- $32,349
- Funds due
- $44,206
- Interest + MI left
- $212,207
- First ends
- Nov 2051
New loan
New conventional
$2,443/mo
+$662/mo- Down payment
- $32,349
- Funds due
- $41,067
- Interest + MI left
- $413,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,651 | $238,651 | $282,651 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,118.19 | $1,118.19 | $1,914.78 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $191.03 | $191.03 | $56.53 |
| Taxes, insurance & HOA | $472.00 | $472.00 | $472.00 |
| Total housing payment | $1,781.22 | $2,135.26 | $2,443.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,349
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$44,206
Earnest money paid−$0
Remaining funds due$44,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$588.00
Prepaid interest, first (9 days)$168.89
Prepaid interest, second (9 days)$97.64
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$37,173Through Dec 2026
Assumption only · ends Nov 2051$128,755
Assumption + second · ends Nov 2051, second Jan 2057$212,207
New conventional · ends Jan 2057$413,226