Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,148/mo
Lowest payment- Down payment
- $65,046
- Funds due
- $75,869
- Interest + MI left
- $176,495
- First ends
- Nov 2051
Assumption
Assumption + second
$2,366/mo
+$217/mo- Down payment
- $38,046
- Funds due
- $50,126
- Interest + MI left
- $227,705
- First ends
- Nov 2051
New loan
New conventional
$2,824/mo
+$676/mo- Down payment
- $38,046
- Funds due
- $46,731
- Interest + MI left
- $510,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,854 | $309,854 | $336,854 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,477.43 | $1,477.43 | $2,332.31 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $246.64 | $246.64 | $67.37 |
| Taxes, insurance & HOA | $424.25 | $424.25 | $424.25 |
| Total housing payment | $2,148.32 | $2,365.57 | $2,823.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,046
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$50,126
Earnest money paid−$0
Remaining funds due$50,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$492.75
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$25.89
Prepaid interest, second (1 days)$6.66
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 3.050%
Interest already paid$50,299Through Nov 2026
Assumption only · ends Nov 2051$176,495
Assumption + second · ends Nov 2051, second Dec 2056$227,705
New conventional · ends Dec 2056$510,794