Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $50,503
- Funds due
- $61,437
- Interest + MI left
- $135,023
- First ends
- Nov 2051
Assumption
Assumption + second
$2,435/mo
+$357/mo- Down payment
- $15,503
- Funds due
- $27,698
- Interest + MI left
- $228,417
- First ends
- Nov 2051
New loan
New conventional
$2,740/mo
+$661/mo- Down payment
- $15,503
- Funds due
- $24,519
- Interest + MI left
- $432,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,497 | $249,497 | $284,497 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,166.34 | $1,166.34 | $1,969.80 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $199.25 | $199.25 | $56.90 |
| Taxes, insurance & HOA | $712.92 | $712.92 | $712.92 |
| Total housing payment | $2,078.51 | $2,435.16 | $2,739.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,503
Closing costs & prepaids$12,195
Usable credit−$0
Total buyer cash needed$27,698
Earnest money paid−$0
Remaining funds due$27,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$509.75
Initial HOA (3 months)$1,179.00
Prepaid interest, first (1 days)$19.62
Prepaid interest, second (1 days)$11.39
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$38,177Through Nov 2026
Assumption only · ends Nov 2051$135,023
Assumption + second · ends Nov 2051, second Dec 2056$228,417
New conventional · ends Dec 2056$432,938