Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $200,615
- Funds due
- $211,746
- Interest + MI left
- $134,963
- First ends
- Nov 2051
Assumption
Assumption + second
$2,774/mo
+$1,137/mo- Down payment
- $45,615
- Funds due
- $58,064
- Interest + MI left
- $389,403
- First ends
- Nov 2051
New loan
New conventional
$3,153/mo
+$1,516/mo- Down payment
- $45,615
- Funds due
- $54,614
- Interest + MI left
- $613,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,385 | $249,385 | $404,385 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,165.82 | $1,165.82 | $2,799.88 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $199.16 | $199.16 | $80.88 |
| Taxes, insurance & HOA | $272.17 | $272.17 | $272.17 |
| Total housing payment | $1,637.15 | $2,774.49 | $3,152.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,615
Closing costs & prepaids$12,449
Usable credit−$0
Total buyer cash needed$58,064
Earnest money paid−$0
Remaining funds due$58,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$366.50
Prepaid interest, first (2 days)$39.22
Prepaid interest, second (2 days)$67.95
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$38,160Through Nov 2026
Assumption only · ends Nov 2051$134,963
Assumption + second · ends Nov 2051, second Dec 2056$389,403
New conventional · ends Dec 2056$613,196