Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $90,935
- Funds due
- $101,530
- Interest + MI left
- $128,252
- First ends
- Nov 2051
Assumption
Assumption + second
$2,264/mo
+$459/mo- Down payment
- $33,935
- Funds due
- $45,794
- Interest + MI left
- $236,361
- First ends
- Nov 2051
New loan
New conventional
$2,610/mo
+$804/mo- Down payment
- $33,935
- Funds due
- $42,432
- Interest + MI left
- $448,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,064 | $239,064 | $296,064 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,113.88 | $1,113.88 | $2,049.89 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $191.03 | $191.03 | $59.21 |
| Taxes, insurance & HOA | $500.58 | $500.58 | $500.58 |
| Total housing payment | $1,805.49 | $2,264.12 | $2,609.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,935
Closing costs & prepaids$11,859
Usable credit−$0
Total buyer cash needed$45,794
Earnest money paid−$0
Remaining funds due$45,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$463.75
Initial HOA (3 months)$588.00
Prepaid interest, first (1 days)$18.60
Prepaid interest, second (1 days)$14.05
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$36,209Through Nov 2026
Assumption only · ends Nov 2051$128,252
Assumption + second · ends Nov 2051, second Dec 2056$236,361
New conventional · ends Dec 2056$448,883