Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,986/mo
Lowest payment- Down payment
- $205,107
- Funds due
- $217,232
- Interest + MI left
- $160,018
- First ends
- Dec 2051
Assumption
Assumption + second
$3,123/mo
+$1,137/mo- Down payment
- $50,107
- Funds due
- $63,516
- Interest + MI left
- $414,459
- First ends
- Dec 2051
New loan
New conventional
$3,580/mo
+$1,594/mo- Down payment
- $50,107
- Funds due
- $59,999
- Interest + MI left
- $682,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,793 | $294,793 | $449,793 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,374.96 | $1,374.96 | $3,114.28 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $234.89 | $234.89 | $89.96 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $1,985.85 | $3,123.19 | $3,580.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,107
Closing costs & prepaids$13,409
Usable credit−$0
Total buyer cash needed$63,516
Earnest money paid−$0
Remaining funds due$63,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$402.00
Initial HOA (3 months)$225.99
Prepaid interest, first (1 days)$23.18
Prepaid interest, second (1 days)$33.97
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 2.870%
Interest already paid$44,301Through Nov 2026
Assumption only · ends Dec 2051$160,018
Assumption + second · ends Dec 2051, second Dec 2056$414,459
New conventional · ends Dec 2056$682,141