Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $121,776
- Funds due
- $133,182
- Interest + MI left
- $170,593
- First ends
- Nov 2051
Assumption
Assumption + second
$2,765/mo
+$628/mo- Down payment
- $43,776
- Funds due
- $56,451
- Interest + MI left
- $318,531
- First ends
- Nov 2051
New loan
New conventional
$3,213/mo
+$1,076/mo- Down payment
- $43,776
- Funds due
- $52,999
- Interest + MI left
- $596,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,224 | $315,224 | $393,224 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,473.60 | $1,473.60 | $2,722.60 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $251.75 | $251.75 | $78.64 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $2,137.34 | $2,764.95 | $3,213.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,776
Closing costs & prepaids$12,675
Usable credit−$0
Total buyer cash needed$56,451
Earnest money paid−$0
Remaining funds due$56,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,370.00
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)$531.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$24.79
Prepaid interest, second (1 days)$19.23
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 2.870%
Interest already paid$48,234Through Nov 2026
Assumption only · ends Nov 2051$170,593
Assumption + second · ends Nov 2051, second Dec 2056$318,531
New conventional · ends Dec 2056$596,351