Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $123,830
- Funds due
- $134,348
- Interest + MI left
- $122,374
- First ends
- Dec 2051
Assumption
Assumption + second
$2,314/mo
+$716/mo- Down payment
- $34,830
- Funds due
- $46,795
- Interest + MI left
- $291,175
- First ends
- Dec 2051
New loan
New conventional
$2,552/mo
+$954/mo- Down payment
- $34,830
- Funds due
- $43,594
- Interest + MI left
- $457,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,170 | $224,170 | $313,170 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,051.42 | $1,051.42 | $2,121.52 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $178.93 | $178.93 | $62.63 |
| Taxes, insurance & HOA | $367.50 | $367.50 | $367.50 |
| Total housing payment | $1,597.84 | $2,313.96 | $2,551.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,830
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$46,795
Earnest money paid−$0
Remaining funds due$46,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$417.50
Initial HOA (3 months)$234.99
Prepaid interest, first (9 days)$160.30
Prepaid interest, second (9 days)$197.51
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$34,650Through Dec 2026
Assumption only · ends Dec 2051$122,374
Assumption + second · ends Dec 2051, second Jan 2057$291,175
New conventional · ends Jan 2057$457,906