Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
Lowest payment- Down payment
- $157,037
- Funds due
- $169,601
- Interest + MI left
- $187,545
- First ends
- Dec 2051
Assumption
Assumption + second
$3,119/mo
+$792/mo- Down payment
- $49,037
- Funds due
- $63,064
- Interest + MI left
- $364,833
- First ends
- Dec 2051
New loan
New conventional
$3,556/mo
+$1,230/mo- Down payment
- $49,037
- Funds due
- $59,844
- Interest + MI left
- $644,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,962 | $332,962 | $440,962 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,580.67 | $1,580.67 | $2,987.23 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $265.23 | $265.23 | $88.19 |
| Taxes, insurance & HOA | $480.67 | $480.67 | $480.67 |
| Total housing payment | $2,326.57 | $3,119.04 | $3,556.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,037
Closing costs & prepaids$14,027
Usable credit−$0
Total buyer cash needed$63,064
Earnest money paid−$0
Remaining funds due$63,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.99
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)$588.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$247.12
Prepaid interest, second (9 days)$213.04
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 3.01%
Interest already paid$53,362Through Dec 2026
Assumption only · ends Dec 2051$187,545
Assumption + second · ends Dec 2051, second Jan 2057$364,833
New conventional · ends Jan 2057$644,759