Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,379/mo
Lowest payment- Down payment
- $44,281
- Funds due
- $53,550
- Interest + MI left
- $103,021
- First ends
- Dec 2051
Assumption
Assumption + second
$1,705/mo
+$326/mo- Down payment
- $12,281
- Funds due
- $22,894
- Interest + MI left
- $188,410
- First ends
- Dec 2051
New loan
New conventional
$1,883/mo
+$504/mo- Down payment
- $12,281
- Funds due
- $19,883
- Interest + MI left
- $323,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,719 | $188,719 | $220,719 |
| Second mortgage | — | $32,000 | — |
| First P&I | $885.14 | $885.14 | $1,495.23 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $150.63 | $150.63 | $44.14 |
| Taxes, insurance & HOA | $343.17 | $343.17 | $343.17 |
| Total housing payment | $1,378.94 | $1,705.02 | $1,882.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,281
Closing costs & prepaids$10,613
Usable credit−$0
Total buyer cash needed$22,894
Earnest money paid−$0
Remaining funds due$22,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,330.00
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)$279.50
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$134.95
Prepaid interest, second (9 days)$93.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.9%
Interest already paid$29,171Through Dec 2026
Assumption only · ends Dec 2051$103,021
Assumption + second · ends Dec 2051, second Jan 2057$188,410
New conventional · ends Jan 2057$323,875