Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $108,402
- Funds due
- $119,312
- Interest + MI left
- $185,242
- First ends
- Nov 2051
Assumption
Assumption + second
$2,541/mo
+$531/mo- Down payment
- $42,402
- Funds due
- $54,578
- Interest + MI left
- $310,421
- First ends
- Nov 2051
New loan
New conventional
$2,992/mo
+$981/mo- Down payment
- $42,402
- Funds due
- $51,135
- Interest + MI left
- $572,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,598 | $311,598 | $377,598 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,553.47 | $1,553.47 | $2,614.41 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $155.00 | $155.00 | $75.52 |
| Taxes, insurance & HOA | $301.75 | $301.75 | $301.75 |
| Total housing payment | $2,010.22 | $2,541.27 | $2,991.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,402
Closing costs & prepaids$12,176
Usable credit−$0
Total buyer cash needed$54,578
Earnest money paid−$0
Remaining funds due$54,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$198.00
Prepaid interest, first (1 days)$29.88
Prepaid interest, second (1 days)$16.27
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 3.500%
Interest already paid$57,565Through Nov 2026
Assumption only · ends Nov 2051$185,242
Assumption + second · ends Nov 2051, second Dec 2056$310,421
New conventional · ends Dec 2056$572,653