Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $138,233
- Funds due
- $149,383
- Interest + MI left
- $164,519
- First ends
- Nov 2051
Assumption
Assumption + second
$2,723/mo
+$748/mo- Down payment
- $45,233
- Funds due
- $57,656
- Interest + MI left
- $340,907
- First ends
- Nov 2051
New loan
New conventional
$3,148/mo
+$1,173/mo- Down payment
- $45,233
- Funds due
- $54,188
- Interest + MI left
- $606,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,667 | $306,667 | $399,667 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,428.86 | $1,428.86 | $2,767.21 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $245.05 | $245.05 | $79.93 |
| Taxes, insurance & HOA | $300.75 | $300.75 | $300.75 |
| Total housing payment | $1,974.65 | $2,722.95 | $3,147.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,233
Closing costs & prepaids$12,423
Usable credit−$0
Total buyer cash needed$57,656
Earnest money paid−$0
Remaining funds due$57,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$257.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$23.86
Prepaid interest, second (1 days)$22.93
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 yrOf the original 30-year loan at 2.840%
Interest already paid$46,448Through Nov 2026
Assumption only · ends Nov 2051$164,519
Assumption + second · ends Nov 2051, second Dec 2056$340,907
New conventional · ends Dec 2056$606,042