Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,581/mo
Lowest payment- Down payment
- $157,231
- Funds due
- $168,047
- Interest + MI left
- $120,909
- First ends
- Dec 2051
Assumption
Assumption + second
$2,455/mo
+$873/mo- Down payment
- $38,231
- Funds due
- $50,532
- Interest + MI left
- $316,253
- First ends
- Dec 2051
New loan
New conventional
$2,745/mo
+$1,163/mo- Down payment
- $38,231
- Funds due
- $47,312
- Interest + MI left
- $499,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,769 | $222,769 | $341,769 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,042.55 | $1,042.55 | $2,315.26 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $177.88 | $177.88 | $68.35 |
| Taxes, insurance & HOA | $360.92 | $360.92 | $360.92 |
| Total housing payment | $1,581.34 | $2,454.52 | $2,744.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,231
Closing costs & prepaids$12,301
Usable credit−$0
Total buyer cash needed$50,532
Earnest money paid−$0
Remaining funds due$50,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$176.76
Prepaid interest, first (9 days)$158.20
Prepaid interest, second (9 days)$234.74
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$34,203Through Dec 2026
Assumption only · ends Dec 2051$120,909
Assumption + second · ends Dec 2051, second Jan 2057$316,253
New conventional · ends Jan 2057$499,723