Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $102,725
- Funds due
- $113,562
- Interest + MI left
- $144,522
- First ends
- Dec 2051
Assumption
Assumption + second
$2,376/mo
+$523/mo- Down payment
- $37,725
- Funds due
- $49,957
- Interest + MI left
- $267,803
- First ends
- Dec 2051
New loan
New conventional
$2,705/mo
+$852/mo- Down payment
- $37,725
- Funds due
- $46,783
- Interest + MI left
- $484,313
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,275 | $266,275 | $331,275 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,246.15 | $1,246.15 | $2,244.17 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $212.61 | $212.61 | $66.26 |
| Taxes, insurance & HOA | $394.58 | $394.58 | $394.58 |
| Total housing payment | $1,853.35 | $2,376.35 | $2,705.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,725
Closing costs & prepaids$12,232
Usable credit−$0
Total buyer cash needed$49,957
Earnest money paid−$0
Remaining funds due$49,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$291.00
Prepaid interest, first (9 days)$189.09
Prepaid interest, second (9 days)$144.25
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 2.88%
Interest already paid$40,883Through Dec 2026
Assumption only · ends Dec 2051$144,522
Assumption + second · ends Dec 2051, second Jan 2057$267,803
New conventional · ends Jan 2057$484,313