Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,009/mo
Lowest payment- Down payment
- $41,602
- Funds due
- $52,068
- Interest + MI left
- $150,897
- First ends
- Nov 2051
Assumption
Assumption + second
$2,274/mo
+$265/mo- Down payment
- $15,602
- Funds due
- $27,326
- Interest + MI left
- $220,275
- First ends
- Nov 2051
New loan
New conventional
$2,612/mo
+$603/mo- Down payment
- $15,602
- Funds due
- $24,149
- Interest + MI left
- $444,962
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,398 | $266,398 | $292,398 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,267.45 | $1,267.45 | $2,024.50 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $212.13 | $212.13 | $58.48 |
| Taxes, insurance & HOA | $529.42 | $529.42 | $529.42 |
| Total housing payment | $2,008.99 | $2,273.93 | $2,612.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,602
Closing costs & prepaids$11,724
Usable credit−$0
Total buyer cash needed$27,326
Earnest money paid−$0
Remaining funds due$27,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,080.00
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)$268.25
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$22.11
Prepaid interest, second (1 days)$8.46
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 3.030%
Interest already paid$42,970Through Nov 2026
Assumption only · ends Nov 2051$150,897
Assumption + second · ends Nov 2051, second Dec 2056$220,275
New conventional · ends Dec 2056$444,962