Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $232,465
- Funds due
- $244,850
- Interest + MI left
- $156,777
- First ends
- Nov 2051
Assumption
Assumption + second
$3,289/mo
+$1,313/mo- Down payment
- $53,465
- Funds due
- $67,139
- Interest + MI left
- $450,615
- First ends
- Nov 2051
New loan
New conventional
$3,737/mo
+$1,762/mo- Down payment
- $53,465
- Funds due
- $63,588
- Interest + MI left
- $714,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,235 | $292,235 | $471,235 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,361.62 | $1,361.62 | $3,262.74 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $233.52 | $233.52 | $94.25 |
| Taxes, insurance & HOA | $380.08 | $380.08 | $380.08 |
| Total housing payment | $1,975.22 | $3,288.65 | $3,737.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,465
Closing costs & prepaids$13,674
Usable credit−$0
Total buyer cash needed$67,139
Earnest money paid−$0
Remaining funds due$67,139
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,247.00
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)$442.25
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$22.74
Prepaid interest, second (1 days)$39.23
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$44,262Through Nov 2026
Assumption only · ends Nov 2051$156,777
Assumption + second · ends Nov 2051, second Dec 2056$450,615
New conventional · ends Dec 2056$714,565