Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $59,365
- Funds due
- $70,219
- Interest + MI left
- $172,404
- First ends
- Dec 2051
Assumption
Assumption + second
$2,571/mo
+$408/mo- Down payment
- $19,365
- Funds due
- $31,482
- Interest + MI left
- $279,140
- First ends
- Dec 2051
New loan
New conventional
$2,979/mo
+$816/mo- Down payment
- $19,365
- Funds due
- $28,274
- Interest + MI left
- $545,607
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,535 | $318,535 | $358,535 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,484.05 | $1,484.05 | $2,482.42 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $253.86 | $253.86 | $71.71 |
| Taxes, insurance & HOA | $425.17 | $425.17 | $425.17 |
| Total housing payment | $2,163.08 | $2,570.68 | $2,979.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,365
Closing costs & prepaids$12,117
Usable credit−$0
Total buyer cash needed$31,482
Earnest money paid−$0
Remaining funds due$31,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,779.00
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)$480.50
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$24.96
Prepaid interest, second (1 days)$13.01
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$47,706Through Nov 2026
Assumption only · ends Dec 2051$172,404
Assumption + second · ends Dec 2051, second Dec 2056$279,140
New conventional · ends Dec 2056$545,607