Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,614/mo
Lowest payment- Down payment
- $148,534
- Funds due
- $161,744
- Interest + MI left
- $161,524
- First ends
- Nov 2051
Assumption
Assumption + second
$3,370/mo
+$756/mo- Down payment
- $45,534
- Funds due
- $60,017
- Interest + MI left
- $330,604
- First ends
- Nov 2051
New loan
New conventional
$3,840/mo
+$1,226/mo- Down payment
- $45,534
- Funds due
- $56,547
- Interest + MI left
- $608,770
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,466 | $298,466 | $401,466 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,395.26 | $1,395.26 | $2,779.67 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $238.36 | $238.36 | $80.29 |
| Taxes, insurance & HOA | $980.50 | $980.50 | $980.50 |
| Total housing payment | $2,614.12 | $3,369.90 | $3,840.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,534
Closing costs & prepaids$14,483
Usable credit−$0
Total buyer cash needed$60,017
Earnest money paid−$0
Remaining funds due$60,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,470.00
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)$2,020.50
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$23.47
Prepaid interest, second (1 days)$22.58
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 2.870%
Interest already paid$45,670Through Nov 2026
Assumption only · ends Nov 2051$161,524
Assumption + second · ends Nov 2051, second Dec 2056$330,604
New conventional · ends Dec 2056$608,770