Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
Lowest payment- Down payment
- $146,148
- Funds due
- $157,517
- Interest + MI left
- $163,446
- First ends
- Dec 2051
Assumption
Assumption + second
$2,752/mo
+$741/mo- Down payment
- $45,148
- Funds due
- $57,789
- Interest + MI left
- $329,243
- First ends
- Dec 2051
New loan
New conventional
$3,241/mo
+$1,229/mo- Down payment
- $45,148
- Funds due
- $54,324
- Interest + MI left
- $613,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,752 | $303,752 | $404,752 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,412.05 | $1,412.05 | $2,802.42 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $242.17 | $242.17 | $80.95 |
| Taxes, insurance & HOA | $357.16 | $357.16 | $357.16 |
| Total housing payment | $2,011.37 | $2,752.48 | $3,240.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,148
Closing costs & prepaids$12,641
Usable credit−$0
Total buyer cash needed$57,789
Earnest money paid−$0
Remaining funds due$57,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$362.50
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$23.63
Prepaid interest, second (1 days)$22.14
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$45,183Through Nov 2026
Assumption only · ends Dec 2051$163,446
Assumption + second · ends Dec 2051, second Dec 2056$329,243
New conventional · ends Dec 2056$613,834