Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $184,877
- Funds due
- $197,151
- Interest + MI left
- $159,174
- First ends
- Dec 2051
Assumption
Assumption + second
$3,041/mo
+$998/mo- Down payment
- $48,877
- Funds due
- $62,669
- Interest + MI left
- $382,425
- First ends
- Dec 2051
New loan
New conventional
$3,433/mo
+$1,390/mo- Down payment
- $48,877
- Funds due
- $59,415
- Interest + MI left
- $628,825
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,123 | $294,123 | $430,123 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,374.96 | $1,374.96 | $2,913.80 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $234.89 | $234.89 | $86.02 |
| Taxes, insurance & HOA | $433.58 | $433.58 | $433.58 |
| Total housing payment | $2,043.43 | $3,041.35 | $3,433.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,877
Closing costs & prepaids$13,792
Usable credit−$0
Total buyer cash needed$62,669
Earnest money paid−$0
Remaining funds due$62,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$574.75
Initial HOA (3 months)$225.99
Prepaid interest, first (9 days)$208.14
Prepaid interest, second (9 days)$268.27
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 2.87%
Interest already paid$45,006Through Dec 2026
Assumption only · ends Dec 2051$159,174
Assumption + second · ends Dec 2051, second Jan 2057$382,425
New conventional · ends Jan 2057$628,825