Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $53,642
- Funds due
- $62,910
- Interest + MI left
- $128,410
- First ends
- Nov 2051
Assumption
Assumption + second
$1,875/mo
+$387/mo- Down payment
- $15,642
- Funds due
- $26,172
- Interest + MI left
- $229,809
- First ends
- Nov 2051
New loan
New conventional
$2,157/mo
+$669/mo- Down payment
- $15,642
- Funds due
- $22,991
- Interest + MI left
- $422,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,358 | $239,358 | $277,358 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,115.24 | $1,115.24 | $1,920.37 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $191.26 | $191.26 | $55.47 |
| Taxes, insurance & HOA | $181.42 | $181.42 | $181.42 |
| Total housing payment | $1,487.92 | $1,875.14 | $2,157.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,642
Closing costs & prepaids$10,530
Usable credit−$0
Total buyer cash needed$26,172
Earnest money paid−$0
Remaining funds due$26,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,930.00
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)$94.25
Prepaid interest, first (1 days)$18.62
Prepaid interest, second (1 days)$12.36
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$36,253Through Nov 2026
Assumption only · ends Nov 2051$128,410
Assumption + second · ends Nov 2051, second Dec 2056$229,809
New conventional · ends Dec 2056$422,019