Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,793/mo
Lowest payment- Down payment
- $232,313
- Funds due
- $249,439
- Interest + MI left
- $268,798
- First ends
- Nov 2051
Assumption
Assumption + second
$4,959/mo
+$1,167/mo- Down payment
- $73,313
- Funds due
- $91,724
- Interest + MI left
- $529,805
- First ends
- Nov 2051
New loan
New conventional
$5,745/mo
+$1,952/mo- Down payment
- $73,313
- Funds due
- $88,000
- Interest + MI left
- $994,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,687 | $496,687 | $655,687 |
| Second mortgage | — | $159,000 | — |
| First P&I | $2,321.90 | $2,321.90 | $4,539.84 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $396.67 | $396.67 | $131.14 |
| Taxes, insurance & HOA | $1,074.17 | $1,074.17 | $1,074.17 |
| Total housing payment | $3,792.73 | $4,959.42 | $5,745.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,313
Closing costs & prepaids$18,411
Usable credit−$0
Total buyer cash needed$91,724
Earnest money paid−$0
Remaining funds due$91,724
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,822.50
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$39.05
Prepaid interest, second (1 days)$34.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.870%
Interest already paid$76,001Through Nov 2026
Assumption only · ends Nov 2051$268,798
Assumption + second · ends Nov 2051, second Dec 2056$529,805
New conventional · ends Dec 2056$994,393