Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,287/mo
Lowest payment- Down payment
- $85,709
- Funds due
- $97,291
- Interest + MI left
- $181,397
- First ends
- Dec 2051
Assumption
Assumption + second
$2,633/mo
+$346/mo- Down payment
- $42,709
- Funds due
- $55,637
- Interest + MI left
- $262,952
- First ends
- Dec 2051
New loan
New conventional
$3,081/mo
+$794/mo- Down payment
- $42,709
- Funds due
- $52,491
- Interest + MI left
- $548,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,291 | $332,291 | $375,291 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,558.53 | $1,558.53 | $2,542.35 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $265.23 | $265.23 | $75.06 |
| Taxes, insurance & HOA | $463.17 | $463.17 | $463.17 |
| Total housing payment | $2,286.93 | $2,632.91 | $3,080.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,709
Closing costs & prepaids$12,928
Usable credit−$0
Total buyer cash needed$55,637
Earnest money paid−$0
Remaining funds due$55,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$237.61
Prepaid interest, second (9 days)$95.42
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 2.9%
Interest already paid$51,363Through Dec 2026
Assumption only · ends Dec 2051$181,397
Assumption + second · ends Dec 2051, second Jan 2057$262,952
New conventional · ends Jan 2057$548,662