Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,331/mo
Lowest payment- Down payment
- $167,033
- Funds due
- $179,709
- Interest + MI left
- $187,545
- First ends
- Dec 2051
Assumption
Assumption + second
$3,189/mo
+$859/mo- Down payment
- $50,033
- Funds due
- $64,190
- Interest + MI left
- $379,607
- First ends
- Dec 2051
New loan
New conventional
$3,623/mo
+$1,292/mo- Down payment
- $50,033
- Funds due
- $60,958
- Interest + MI left
- $657,919
- 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 | $449,962 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,580.67 | $1,580.67 | $3,048.20 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $265.23 | $265.23 | $89.99 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $2,330.57 | $3,189.07 | $3,622.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,033
Closing costs & prepaids$14,157
Usable credit−$0
Total buyer cash needed$64,190
Earnest money paid−$0
Remaining funds due$64,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.95
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)$600.00
Initial HOA (3 months)$354.00
Prepaid interest, first (9 days)$247.12
Prepaid interest, second (9 days)$230.79
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$379,607
New conventional · ends Jan 2057$657,919