Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,509/mo
Lowest payment- Down payment
- $243,078
- Funds due
- $256,920
- Interest + MI left
- $178,068
- First ends
- Nov 2051
Assumption
Assumption + second
$3,866/mo
+$1,357/mo- Down payment
- $58,078
- Funds due
- $73,210
- Interest + MI left
- $481,755
- First ends
- Nov 2051
New loan
New conventional
$4,379/mo
+$1,871/mo- Down payment
- $58,078
- Funds due
- $69,618
- Interest + MI left
- $783,844
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,922 | $331,922 | $516,922 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,546.53 | $1,546.53 | $3,579.06 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $265.23 | $265.23 | $103.38 |
| Taxes, insurance & HOA | $696.83 | $696.83 | $696.83 |
| Total housing payment | $2,508.59 | $3,866.05 | $4,379.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,078
Closing costs & prepaids$15,132
Usable credit−$0
Total buyer cash needed$73,210
Earnest money paid−$0
Remaining funds due$73,210
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)$1,158.50
Initial HOA (3 months)$432.00
Prepaid interest, first (1 days)$25.83
Prepaid interest, second (1 days)$40.55
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 2.840%
Interest already paid$50,273Through Nov 2026
Assumption only · ends Nov 2051$178,068
Assumption + second · ends Nov 2051, second Dec 2056$481,755
New conventional · ends Dec 2056$783,844