Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $71,878
- Funds due
- $83,035
- Interest + MI left
- $196,754
- First ends
- Nov 2051
Assumption
Assumption + second
$2,486/mo
+$249/mo- Down payment
- $40,878
- Funds due
- $53,354
- Interest + MI left
- $255,550
- First ends
- Nov 2051
New loan
New conventional
$2,878/mo
+$641/mo- Down payment
- $40,878
- Funds due
- $50,199
- Interest + MI left
- $525,024
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,122 | $328,122 | $359,122 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,602.46 | $1,602.46 | $2,432.82 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $260.81 | $260.81 | $71.82 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $2,236.27 | $2,485.71 | $2,877.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,878
Closing costs & prepaids$12,476
Usable credit−$0
Total buyer cash needed$53,354
Earnest money paid−$0
Remaining funds due$53,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$262.95
Prepaid interest, second (9 days)$68.79
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 3.25%
Interest already paid$57,665Through Dec 2026
Assumption only · ends Nov 2051$196,754
Assumption + second · ends Nov 2051, second Jan 2057$255,550
New conventional · ends Jan 2057$525,024