Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $125,107
- Funds due
- $136,023
- Interest + MI left
- $135,630
- First ends
- Dec 2051
Assumption
Assumption + second
$2,474/mo
+$700/mo- Down payment
- $38,107
- Funds due
- $50,466
- Interest + MI left
- $300,638
- First ends
- Dec 2051
New loan
New conventional
$2,754/mo
+$981/mo- Down payment
- $38,107
- Funds due
- $47,261
- Interest + MI left
- $492,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,892 | $249,892 | $336,892 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,169.48 | $1,169.48 | $2,282.22 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $199.53 | $199.53 | $67.38 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,773.68 | $2,473.71 | $2,754.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,107
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$50,466
Earnest money paid−$0
Remaining funds due$50,466
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.99
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)$450.00
Initial HOA (3 months)$314.01
Prepaid interest, first (9 days)$177.46
Prepaid interest, second (9 days)$193.07
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$38,367Through Dec 2026
Assumption only · ends Dec 2051$135,630
Assumption + second · ends Dec 2051, second Jan 2057$300,638
New conventional · ends Jan 2057$492,524