Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $242,955
- Funds due
- $256,479
- Interest + MI left
- $179,176
- First ends
- Dec 2051
Assumption
Assumption + second
$3,695/mo
+$1,357/mo- Down payment
- $57,955
- Funds due
- $73,094
- Interest + MI left
- $482,863
- First ends
- Dec 2051
New loan
New conventional
$4,128/mo
+$1,790/mo- Down payment
- $57,955
- Funds due
- $69,781
- Interest + MI left
- $756,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,045 | $332,045 | $517,045 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,550.52 | $1,550.52 | $3,502.64 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $265.23 | $265.23 | $103.41 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $2,337.42 | $3,694.88 | $4,127.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,955
Closing costs & prepaids$15,139
Usable credit−$0
Total buyer cash needed$73,094
Earnest money paid−$0
Remaining funds due$73,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$234.16
Prepaid interest, second (9 days)$364.93
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 2.86%
Interest already paid$50,636Through Dec 2026
Assumption only · ends Dec 2051$179,176
Assumption + second · ends Dec 2051, second Jan 2057$482,863
New conventional · ends Jan 2057$756,005