Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,012/mo
Lowest payment- Down payment
- $73,737
- Funds due
- $84,648
- Interest + MI left
- $141,391
- First ends
- Nov 2051
Assumption
Assumption + second
$2,333/mo
+$322/mo- Down payment
- $33,737
- Funds due
- $45,918
- Interest + MI left
- $217,256
- First ends
- Nov 2051
New loan
New conventional
$2,728/mo
+$716/mo- Down payment
- $33,737
- Funds due
- $42,592
- Interest + MI left
- $456,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,263 | $261,263 | $301,263 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,221.35 | $1,221.35 | $2,085.88 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $208.65 | $208.65 | $60.25 |
| Taxes, insurance & HOA | $581.58 | $581.58 | $581.58 |
| Total housing payment | $2,011.58 | $2,333.43 | $2,727.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,737
Closing costs & prepaids$12,181
Usable credit−$0
Total buyer cash needed$45,918
Earnest money paid−$0
Remaining funds due$45,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$1,294.75
Prepaid interest, first (2 days)$41.09
Prepaid interest, second (2 days)$19.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$39,978Through Nov 2026
Assumption only · ends Nov 2051$141,391
Assumption + second · ends Nov 2051, second Dec 2056$217,256
New conventional · ends Dec 2056$456,886