Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,951/mo
Lowest payment- Down payment
- $62,458
- Funds due
- $73,064
- Interest + MI left
- $156,010
- First ends
- Dec 2051
Assumption
Assumption + second
$2,168/mo
+$217/mo- Down payment
- $35,458
- Funds due
- $47,374
- Interest + MI left
- $207,219
- First ends
- Dec 2051
New loan
New conventional
$2,569/mo
+$618/mo- Down payment
- $35,458
- Funds due
- $44,262
- Interest + MI left
- $459,766
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,442 | $287,442 | $314,442 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,345.21 | $1,345.21 | $2,130.14 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $229.52 | $229.52 | $62.89 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $1,950.72 | $2,167.97 | $2,569.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,458
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$47,374
Earnest money paid−$0
Remaining funds due$47,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$204.12
Prepaid interest, second (9 days)$59.92
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$44,132Through Dec 2026
Assumption only · ends Dec 2051$156,010
Assumption + second · ends Dec 2051, second Jan 2057$207,219
New conventional · ends Jan 2057$459,766