Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $148,912
- Funds due
- $160,416
- Interest + MI left
- $112,707
- First ends
- Nov 2051
Assumption
Assumption + second
$2,684/mo
+$829/mo- Down payment
- $35,912
- Funds due
- $48,691
- Interest + MI left
- $298,203
- First ends
- Nov 2051
New loan
New conventional
$3,009/mo
+$1,155/mo- Down payment
- $35,912
- Funds due
- $45,307
- Interest + MI left
- $489,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,088 | $210,088 | $323,088 |
| Second mortgage | — | $113,000 | — |
| First P&I | $978.87 | $978.87 | $2,237.00 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $167.88 | $167.88 | $64.62 |
| Taxes, insurance & HOA | $707.75 | $707.75 | $707.75 |
| Total housing payment | $1,854.49 | $2,683.65 | $3,009.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,912
Closing costs & prepaids$12,779
Usable credit−$0
Total buyer cash needed$48,691
Earnest money paid−$0
Remaining funds due$48,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$1,343.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$16.35
Prepaid interest, second (1 days)$24.77
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$31,820Through Nov 2026
Assumption only · ends Nov 2051$112,707
Assumption + second · ends Nov 2051, second Dec 2056$298,203
New conventional · ends Dec 2056$489,985