Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $53,863
- Funds due
- $64,476
- Interest + MI left
- $165,164
- First ends
- Oct 2051
Assumption
Assumption + second
$2,441/mo
+$357/mo- Down payment
- $18,863
- Funds due
- $30,738
- Interest + MI left
- $258,558
- First ends
- Oct 2051
New loan
New conventional
$2,835/mo
+$751/mo- Down payment
- $18,863
- Funds due
- $27,533
- Interest + MI left
- $519,131
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,137 | $306,137 | $341,137 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,434.40 | $1,434.40 | $2,361.96 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $245.05 | $245.05 | $68.23 |
| Taxes, insurance & HOA | $404.75 | $404.75 | $404.75 |
| Total housing payment | $2,084.19 | $2,440.84 | $2,834.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,863
Closing costs & prepaids$11,875
Usable credit−$0
Total buyer cash needed$30,738
Earnest money paid−$0
Remaining funds due$30,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$506.25
Initial HOA (3 months)$258.00
Prepaid interest, first (1 days)$24.07
Prepaid interest, second (1 days)$11.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.870%
Interest already paid$47,685Through Nov 2026
Assumption only · ends Oct 2051$165,164
Assumption + second · ends Oct 2051, second Dec 2056$258,558
New conventional · ends Dec 2056$519,131