Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
Lowest payment- Down payment
- $184,698
- Funds due
- $195,600
- Interest + MI left
- $108,400
- First ends
- Nov 2051
Assumption
Assumption + second
$2,583/mo
+$1,071/mo- Down payment
- $38,698
- Funds due
- $50,914
- Interest + MI left
- $348,066
- First ends
- Nov 2051
New loan
New conventional
$2,882/mo
+$1,371/mo- Down payment
- $38,698
- Funds due
- $47,521
- Interest + MI left
- $525,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,302 | $200,302 | $346,302 |
| Second mortgage | — | $146,000 | — |
| First P&I | $936.36 | $936.36 | $2,397.73 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $159.97 | $159.97 | $69.26 |
| Taxes, insurance & HOA | $414.92 | $414.92 | $414.92 |
| Total housing payment | $1,511.25 | $2,582.55 | $2,881.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,698
Closing costs & prepaids$12,215
Usable credit−$0
Total buyer cash needed$50,914
Earnest money paid−$0
Remaining funds due$50,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$594.75
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$31.50
Prepaid interest, second (2 days)$64.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.870%
Interest already paid$30,649Through Nov 2026
Assumption only · ends Nov 2051$108,400
Assumption + second · ends Nov 2051, second Dec 2056$348,066
New conventional · ends Dec 2056$525,190