Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
Lowest payment- Down payment
- $60,090
- Funds due
- $71,116
- Interest + MI left
- $171,494
- First ends
- Dec 2051
Assumption
Assumption + second
$2,572/mo
+$418/mo- Down payment
- $19,090
- Funds due
- $31,486
- Interest + MI left
- $280,899
- First ends
- Dec 2051
New loan
New conventional
$2,919/mo
+$765/mo- Down payment
- $19,090
- Funds due
- $28,537
- Interest + MI left
- $526,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,810 | $317,810 | $358,810 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,484.05 | $1,484.05 | $2,430.70 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $253.86 | $253.86 | $71.76 |
| Taxes, insurance & HOA | $416.17 | $416.17 | $416.17 |
| Total housing payment | $2,154.08 | $2,571.87 | $2,918.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,090
Closing costs & prepaids$12,397
Usable credit−$0
Total buyer cash needed$31,486
Earnest money paid−$0
Remaining funds due$31,486
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,779.00
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)$453.50
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$224.12
Prepaid interest, second (9 days)$120.05
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$48,466Through Dec 2026
Assumption only · ends Dec 2051$171,494
Assumption + second · ends Dec 2051, second Jan 2057$280,899
New conventional · ends Jan 2057$526,577