Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $89,481
- Funds due
- $100,361
- Interest + MI left
- $145,975
- First ends
- Nov 2051
Assumption
Assumption + second
$2,400/mo
+$426/mo- Down payment
- $36,481
- Funds due
- $48,624
- Interest + MI left
- $246,497
- First ends
- Nov 2051
New loan
New conventional
$2,799/mo
+$825/mo- Down payment
- $36,481
- Funds due
- $45,241
- Interest + MI left
- $490,574
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,519 | $270,519 | $323,519 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,263.22 | $1,263.22 | $2,239.98 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $216.08 | $216.08 | $64.70 |
| Taxes, insurance & HOA | $494.58 | $494.58 | $494.58 |
| Total housing payment | $1,973.88 | $2,400.33 | $2,799.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,481
Closing costs & prepaids$12,143
Usable credit−$0
Total buyer cash needed$48,624
Earnest money paid−$0
Remaining funds due$48,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$634.75
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$21.20
Prepaid interest, second (1 days)$13.07
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 2.860%
Interest already paid$41,254Through Nov 2026
Assumption only · ends Nov 2051$145,975
Assumption + second · ends Nov 2051, second Dec 2056$246,497
New conventional · ends Dec 2056$490,574