Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,060/mo
Lowest payment- Down payment
- $88,336
- Funds due
- $99,597
- Interest + MI left
- $134,475
- First ends
- Nov 2051
Assumption
Assumption + second
$2,495/mo
+$434/mo- Down payment
- $34,336
- Funds due
- $46,860
- Interest + MI left
- $236,894
- First ends
- Nov 2051
New loan
New conventional
$2,862/mo
+$802/mo- Down payment
- $34,336
- Funds due
- $43,495
- Interest + MI left
- $461,983
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,664 | $250,664 | $304,664 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,167.92 | $1,167.92 | $2,109.43 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $200.30 | $200.30 | $60.93 |
| Taxes, insurance & HOA | $691.91 | $691.91 | $691.91 |
| Total housing payment | $2,060.13 | $2,494.63 | $2,862.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,336
Closing costs & prepaids$12,524
Usable credit−$0
Total buyer cash needed$46,860
Earnest money paid−$0
Remaining funds due$46,860
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,600.75
Initial HOA (3 months)$24.99
Prepaid interest, first (1 days)$19.50
Prepaid interest, second (1 days)$13.32
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$37,966Through Nov 2026
Assumption only · ends Nov 2051$134,475
Assumption + second · ends Nov 2051, second Dec 2056$236,894
New conventional · ends Dec 2056$461,983