Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $157,879
- Funds due
- $170,165
- Interest + MI left
- $170,074
- First ends
- Nov 2051
Assumption
Assumption + second
$3,050/mo
+$807/mo- Down payment
- $47,879
- Funds due
- $61,439
- Interest + MI left
- $350,645
- First ends
- Nov 2051
New loan
New conventional
$3,555/mo
+$1,312/mo- Down payment
- $47,879
- Funds due
- $57,948
- Interest + MI left
- $647,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,021 | $317,021 | $427,021 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,477.10 | $1,477.10 | $2,956.61 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $253.32 | $253.32 | $85.40 |
| Taxes, insurance & HOA | $512.50 | $512.50 | $512.50 |
| Total housing payment | $2,242.92 | $3,050.06 | $3,554.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,879
Closing costs & prepaids$13,560
Usable credit−$0
Total buyer cash needed$61,439
Earnest money paid−$0
Remaining funds due$61,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$755.50
Initial HOA (3 months)$282.00
Prepaid interest, first (1 days)$24.67
Prepaid interest, second (1 days)$24.11
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$48,016Through Nov 2026
Assumption only · ends Nov 2051$170,074
Assumption + second · ends Nov 2051, second Dec 2056$350,645
New conventional · ends Dec 2056$647,606