Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $77,030
- Funds due
- $86,033
- Interest + MI left
- $61,615
- First ends
- Dec 2051
Assumption
Assumption + second
$1,502/mo
+$467/mo- Down payment
- $19,030
- Funds due
- $29,411
- Interest + MI left
- $171,621
- First ends
- Dec 2051
New loan
New conventional
$1,608/mo
+$572/mo- Down payment
- $19,030
- Funds due
- $26,264
- Interest + MI left
- $249,840
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,870 | $112,870 | $170,870 |
| Second mortgage | — | $58,000 | — |
| First P&I | $529.39 | $529.39 | $1,157.53 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $90.09 | $90.09 | $34.17 |
| Taxes, insurance & HOA | $416.00 | $416.00 | $416.00 |
| Total housing payment | $1,035.48 | $1,502.16 | $1,607.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,030
Closing costs & prepaids$10,381
Usable credit−$0
Total buyer cash needed$29,411
Earnest money paid−$0
Remaining funds due$29,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,899.00
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)$228.00
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$80.71
Prepaid interest, second (9 days)$128.71
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$17,446Through Dec 2026
Assumption only · ends Dec 2051$61,615
Assumption + second · ends Dec 2051, second Jan 2057$171,621
New conventional · ends Jan 2057$249,840