Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,884/mo
Lowest payment- Down payment
- $167,229
- Funds due
- $178,724
- Interest + MI left
- $136,795
- First ends
- Nov 2051
Assumption
Assumption + second
$2,801/mo
+$917/mo- Down payment
- $42,229
- Funds due
- $55,001
- Interest + MI left
- $341,989
- First ends
- Nov 2051
New loan
New conventional
$3,191/mo
+$1,308/mo- Down payment
- $42,229
- Funds due
- $51,558
- Interest + MI left
- $572,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,771 | $252,771 | $377,771 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,181.65 | $1,181.65 | $2,615.61 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $201.87 | $201.87 | $75.55 |
| Taxes, insurance & HOA | $500.00 | $500.00 | $500.00 |
| Total housing payment | $1,883.52 | $2,800.72 | $3,191.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,229
Closing costs & prepaids$12,772
Usable credit−$0
Total buyer cash needed$55,001
Earnest money paid−$0
Remaining funds due$55,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,050.00
Prepaid interest, first (1 days)$19.88
Prepaid interest, second (1 days)$27.40
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$38,678Through Nov 2026
Assumption only · ends Nov 2051$136,795
Assumption + second · ends Nov 2051, second Dec 2056$341,989
New conventional · ends Dec 2056$572,915