Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $145,068
- Funds due
- $155,522
- Interest + MI left
- $107,259
- First ends
- Dec 2051
Assumption
Assumption + second
$2,261/mo
+$807/mo- Down payment
- $35,068
- Funds due
- $46,989
- Interest + MI left
- $287,829
- First ends
- Dec 2051
New loan
New conventional
$2,525/mo
+$1,070/mo- Down payment
- $35,068
- Funds due
- $43,780
- Interest + MI left
- $453,110
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,932 | $199,932 | $309,932 |
| Second mortgage | — | $110,000 | — |
| First P&I | $931.55 | $931.55 | $2,099.59 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $159.76 | $159.76 | $61.99 |
| Taxes, insurance & HOA | $363.00 | $363.00 | $363.00 |
| Total housing payment | $1,454.31 | $2,261.45 | $2,524.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,068
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$46,989
Earnest money paid−$0
Remaining funds due$46,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$140.01
Prepaid interest, second (9 days)$216.99
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 2.84%
Interest already paid$30,282Through Dec 2026
Assumption only · ends Dec 2051$107,259
Assumption + second · ends Dec 2051, second Jan 2057$287,829
New conventional · ends Jan 2057$453,110