Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,523/mo
Lowest payment- Down payment
- $107,143
- Funds due
- $117,117
- Interest + MI left
- $124,044
- First ends
- Dec 2051
Assumption
Assumption + second
$2,110/mo
+$587/mo- Down payment
- $34,143
- Funds due
- $45,385
- Interest + MI left
- $262,499
- First ends
- Dec 2051
New loan
New conventional
$2,420/mo
+$898/mo- Down payment
- $34,143
- Funds due
- $42,019
- Interest + MI left
- $456,210
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,857 | $227,857 | $300,857 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,063.94 | $1,063.94 | $2,083.07 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $181.53 | $181.53 | $60.17 |
| Taxes, insurance & HOA | $277.17 | $277.17 | $277.17 |
| Total housing payment | $1,522.63 | $2,110.01 | $2,420.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,143
Closing costs & prepaids$11,242
Usable credit−$0
Total buyer cash needed$45,385
Earnest money paid−$0
Remaining funds due$45,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$261.50
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$17.98
Prepaid interest, second (1 days)$18.00
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 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$34,358Through Nov 2026
Assumption only · ends Dec 2051$124,044
Assumption + second · ends Dec 2051, second Dec 2056$262,499
New conventional · ends Dec 2056$456,210