Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $67,794
- Funds due
- $78,583
- Interest + MI left
- $179,730
- First ends
- Nov 2051
Assumption
Assumption + second
$2,356/mo
+$217/mo- Down payment
- $40,794
- Funds due
- $52,846
- Interest + MI left
- $230,939
- First ends
- Nov 2051
New loan
New conventional
$2,879/mo
+$740/mo- Down payment
- $40,794
- Funds due
- $49,469
- Interest + MI left
- $544,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,106 | $332,106 | $359,106 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,552.52 | $1,552.52 | $2,486.38 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $265.23 | $265.23 | $71.82 |
| Taxes, insurance & HOA | $321.08 | $321.08 | $321.08 |
| Total housing payment | $2,138.83 | $2,356.08 | $2,879.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,794
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$52,846
Earnest money paid−$0
Remaining funds due$52,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$297.25
Initial HOA (3 months)$216.00
Prepaid interest, first (2 days)$52.23
Prepaid interest, second (2 days)$13.32
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$50,818Through Nov 2026
Assumption only · ends Nov 2051$179,730
Assumption + second · ends Nov 2051, second Dec 2056$230,939
New conventional · ends Dec 2056$544,537