Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $97,135
- Funds due
- $108,511
- Interest + MI left
- $151,696
- First ends
- Nov 2051
Assumption
Assumption + second
$2,611/mo
+$475/mo- Down payment
- $38,135
- Funds due
- $50,775
- Interest + MI left
- $263,598
- First ends
- Nov 2051
New loan
New conventional
$3,028/mo
+$891/mo- Down payment
- $38,135
- Funds due
- $47,376
- Interest + MI left
- $518,310
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,765 | $282,765 | $341,765 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,317.49 | $1,317.49 | $2,366.31 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $225.95 | $225.95 | $68.35 |
| Taxes, insurance & HOA | $593.17 | $593.17 | $593.17 |
| Total housing payment | $2,136.60 | $2,611.33 | $3,027.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,135
Closing costs & prepaids$12,640
Usable credit−$0
Total buyer cash needed$50,775
Earnest money paid−$0
Remaining funds due$50,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$474.50
Initial HOA (3 months)$855.00
Prepaid interest, first (1 days)$22.00
Prepaid interest, second (1 days)$14.55
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$42,828Through Nov 2026
Assumption only · ends Nov 2051$151,696
Assumption + second · ends Nov 2051, second Dec 2056$263,598
New conventional · ends Dec 2056$518,310