Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,563/mo
Lowest payment- Down payment
- $92,660
- Funds due
- $102,750
- Interest + MI left
- $123,390
- First ends
- Dec 2051
Assumption
Assumption + second
$2,046/mo
+$483/mo- Down payment
- $32,660
- Funds due
- $44,133
- Interest + MI left
- $237,188
- First ends
- Dec 2051
New loan
New conventional
$2,322/mo
+$759/mo- Down payment
- $32,660
- Funds due
- $40,971
- Interest + MI left
- $420,081
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,340 | $227,340 | $287,340 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,063.94 | $1,063.94 | $1,946.54 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $181.53 | $181.53 | $57.47 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,563.46 | $2,046.24 | $2,322.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,660
Closing costs & prepaids$11,474
Usable credit−$0
Total buyer cash needed$44,133
Earnest money paid−$0
Remaining funds due$44,133
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$161.44
Prepaid interest, second (9 days)$133.15
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$34,905Through Dec 2026
Assumption only · ends Dec 2051$123,390
Assumption + second · ends Dec 2051, second Jan 2057$237,188
New conventional · ends Jan 2057$420,081