Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $217,894
- Funds due
- $231,485
- Interest + MI left
- $179,730
- First ends
- Nov 2051
Assumption
Assumption + second
$3,703/mo
+$1,189/mo- Down payment
- $55,894
- Funds due
- $70,771
- Interest + MI left
- $445,662
- First ends
- Nov 2051
New loan
New conventional
$4,217/mo
+$1,702/mo- Down payment
- $55,894
- Funds due
- $67,201
- Interest + MI left
- $749,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,106 | $332,106 | $494,106 |
| Second mortgage | — | $162,000 | — |
| First P&I | $1,552.52 | $1,552.52 | $3,421.09 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $265.23 | $265.23 | $98.82 |
| Taxes, insurance & HOA | $696.83 | $696.83 | $696.83 |
| Total housing payment | $2,514.58 | $3,703.28 | $4,216.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,894
Closing costs & prepaids$14,877
Usable credit−$0
Total buyer cash needed$70,771
Earnest money paid−$0
Remaining funds due$70,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$26.11
Prepaid interest, second (1 days)$35.51
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$50,818Through Nov 2026
Assumption only · ends Nov 2051$179,730
Assumption + second · ends Nov 2051, second Dec 2056$445,662
New conventional · ends Dec 2056$749,246