Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $116,250
- Funds due
- $126,651
- Interest + MI left
- $123,389
- First ends
- Nov 2051
Assumption
Assumption + second
$2,289/mo
+$652/mo- Down payment
- $35,250
- Funds due
- $46,921
- Interest + MI left
- $277,017
- First ends
- Nov 2051
New loan
New conventional
$2,597/mo
+$960/mo- Down payment
- $35,250
- Funds due
- $43,544
- Interest + MI left
- $471,590
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,000 | $230,000 | $311,000 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,071.64 | $1,071.64 | $2,153.30 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $183.79 | $183.79 | $62.20 |
| Taxes, insurance & HOA | $381.83 | $381.83 | $381.83 |
| Total housing payment | $1,637.26 | $2,289.00 | $2,597.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,250
Closing costs & prepaids$11,671
Usable credit−$0
Total buyer cash needed$46,921
Earnest money paid−$0
Remaining funds due$46,921
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,462.50
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)$419.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$17.90
Prepaid interest, second (1 days)$19.97
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 yrOf the original 30-year loan at 2.840%
Interest already paid$34,836Through Nov 2026
Assumption only · ends Nov 2051$123,389
Assumption + second · ends Nov 2051, second Dec 2056$277,017
New conventional · ends Dec 2056$471,590