Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
Lowest payment- Down payment
- $138,724
- Funds due
- $151,064
- Interest + MI left
- $166,938
- First ends
- Nov 2051
Assumption
Assumption + second
$3,119/mo
+$748/mo- Down payment
- $45,724
- Funds due
- $59,360
- Interest + MI left
- $343,326
- First ends
- Nov 2051
New loan
New conventional
$3,552/mo
+$1,181/mo- Down payment
- $45,724
- Funds due
- $55,922
- Interest + MI left
- $612,879
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,176 | $311,176 | $404,176 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,449.87 | $1,449.87 | $2,798.43 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $248.65 | $248.65 | $80.84 |
| Taxes, insurance & HOA | $672.50 | $672.50 | $672.50 |
| Total housing payment | $2,371.02 | $3,119.32 | $3,551.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,724
Closing costs & prepaids$13,636
Usable credit−$0
Total buyer cash needed$59,360
Earnest money paid−$0
Remaining funds due$59,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$1,567.50
Prepaid interest, first (2 days)$48.42
Prepaid interest, second (2 days)$45.86
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 2.840%
Interest already paid$47,131Through Nov 2026
Assumption only · ends Nov 2051$166,938
Assumption + second · ends Nov 2051, second Dec 2056$343,326
New conventional · ends Dec 2056$612,879