Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,118/mo
Lowest payment- Down payment
- $68,655
- Funds due
- $77,670
- Interest + MI left
- $68,376
- First ends
- Nov 2051
Assumption
Assumption + second
$1,512/mo
+$394/mo- Down payment
- $19,655
- Funds due
- $29,932
- Interest + MI left
- $161,311
- First ends
- Nov 2051
New loan
New conventional
$1,676/mo
+$558/mo- Down payment
- $19,655
- Funds due
- $26,699
- Interest + MI left
- $265,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,345 | $126,345 | $175,345 |
| Second mortgage | — | $49,000 | — |
| First P&I | $590.63 | $590.63 | $1,214.05 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $100.90 | $100.90 | $35.07 |
| Taxes, insurance & HOA | $426.59 | $426.59 | $426.59 |
| Total housing payment | $1,118.12 | $1,512.39 | $1,675.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,655
Closing costs & prepaids$10,277
Usable credit−$0
Total buyer cash needed$29,932
Earnest money paid−$0
Remaining funds due$29,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$779.75
Initial HOA (3 months)$50.01
Prepaid interest, first (1 days)$9.93
Prepaid interest, second (1 days)$12.08
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$19,333Through Nov 2026
Assumption only · ends Nov 2051$68,376
Assumption + second · ends Nov 2051, second Dec 2056$161,311
New conventional · ends Dec 2056$265,922