Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,133/mo
Lowest payment- Down payment
- $110,474
- Funds due
- $122,003
- Interest + MI left
- $166,240
- First ends
- Dec 2051
Assumption
Assumption + second
$2,681/mo
+$547/mo- Down payment
- $42,474
- Funds due
- $55,404
- Interest + MI left
- $295,211
- First ends
- Dec 2051
New loan
New conventional
$3,060/mo
+$927/mo- Down payment
- $42,474
- Funds due
- $52,220
- Interest + MI left
- $544,620
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,526 | $304,526 | $372,526 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,428.31 | $1,428.31 | $2,523.62 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $243.07 | $243.07 | $74.51 |
| Taxes, insurance & HOA | $462.00 | $462.00 | $462.00 |
| Total housing payment | $2,133.37 | $2,680.52 | $3,060.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,474
Closing costs & prepaids$12,930
Usable credit−$0
Total buyer cash needed$55,404
Earnest money paid−$0
Remaining funds due$55,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$217.76
Prepaid interest, second (9 days)$150.90
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$47,071Through Dec 2026
Assumption only · ends Dec 2051$166,240
Assumption + second · ends Dec 2051, second Jan 2057$295,211
New conventional · ends Jan 2057$544,620