Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,494/mo
Lowest payment- Down payment
- $112,816
- Funds due
- $123,023
- Interest + MI left
- $100,393
- First ends
- Nov 2051
Assumption
Assumption + second
$2,154/mo
+$660/mo- Down payment
- $30,816
- Funds due
- $42,293
- Interest + MI left
- $255,917
- First ends
- Nov 2051
New loan
New conventional
$2,390/mo
+$896/mo- Down payment
- $30,816
- Funds due
- $38,954
- Interest + MI left
- $408,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,134 | $187,134 | $269,134 |
| Second mortgage | — | $82,000 | — |
| First P&I | $871.91 | $871.91 | $1,863.43 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $149.53 | $149.53 | $53.83 |
| Taxes, insurance & HOA | $472.42 | $472.42 | $472.42 |
| Total housing payment | $1,493.86 | $2,153.65 | $2,389.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,816
Closing costs & prepaids$11,477
Usable credit−$0
Total buyer cash needed$42,293
Earnest money paid−$0
Remaining funds due$42,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.50
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)$217.25
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$14.56
Prepaid interest, second (1 days)$20.22
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$28,344Through Nov 2026
Assumption only · ends Nov 2051$100,393
Assumption + second · ends Nov 2051, second Dec 2056$255,917
New conventional · ends Dec 2056$408,052