Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
Lowest payment- Down payment
- $135,804
- Funds due
- $146,663
- Interest + MI left
- $147,100
- First ends
- Nov 2051
Assumption
Assumption + second
$2,574/mo
+$756/mo- Down payment
- $41,804
- Funds due
- $53,936
- Interest + MI left
- $325,384
- First ends
- Nov 2051
New loan
New conventional
$2,944/mo
+$1,126/mo- Down payment
- $41,804
- Funds due
- $50,499
- Interest + MI left
- $558,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,196 | $274,196 | $368,196 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,277.57 | $1,277.57 | $2,549.31 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $219.10 | $219.10 | $73.64 |
| Taxes, insurance & HOA | $321.00 | $321.00 | $321.00 |
| Total housing payment | $1,817.67 | $2,574.01 | $2,943.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,804
Closing costs & prepaids$12,133
Usable credit−$0
Total buyer cash needed$53,936
Earnest money paid−$0
Remaining funds due$53,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$318.00
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$21.33
Prepaid interest, second (1 days)$23.18
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$41,530Through Nov 2026
Assumption only · ends Nov 2051$147,100
Assumption + second · ends Nov 2051, second Dec 2056$325,384
New conventional · ends Dec 2056$558,320