Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $144,611
- Funds due
- $155,024
- Interest + MI left
- $107,827
- First ends
- Dec 2051
Assumption
Assumption + second
$2,289/mo
+$807/mo- Down payment
- $34,611
- Funds due
- $46,298
- Interest + MI left
- $288,398
- First ends
- Dec 2051
New loan
New conventional
$2,602/mo
+$1,120/mo- Down payment
- $34,611
- Funds due
- $42,926
- Interest + MI left
- $470,726
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,389 | $200,389 | $310,389 |
| Second mortgage | — | $110,000 | — |
| First P&I | $931.55 | $931.55 | $2,149.07 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $159.76 | $159.76 | $62.08 |
| Taxes, insurance & HOA | $390.92 | $390.92 | $390.92 |
| Total housing payment | $1,482.22 | $2,289.36 | $2,602.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,611
Closing costs & prepaids$11,687
Usable credit−$0
Total buyer cash needed$46,298
Earnest money paid−$0
Remaining funds due$46,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$497.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$15.59
Prepaid interest, second (1 days)$24.11
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 yr 1 moOf the original 30-year loan at 2.840%
Interest already paid$29,808Through Nov 2026
Assumption only · ends Dec 2051$107,827
Assumption + second · ends Dec 2051, second Dec 2056$288,398
New conventional · ends Dec 2056$470,726