Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $80,802
- Funds due
- $91,298
- Interest + MI left
- $129,449
- First ends
- Nov 2051
Assumption
Assumption + second
$2,196/mo
+$386/mo- Down payment
- $32,802
- Funds due
- $44,560
- Interest + MI left
- $220,488
- First ends
- Nov 2051
New loan
New conventional
$2,547/mo
+$737/mo- Down payment
- $32,802
- Funds due
- $41,209
- Interest + MI left
- $435,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,198 | $239,198 | $287,198 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,118.19 | $1,118.19 | $1,988.50 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $191.03 | $191.03 | $57.44 |
| Taxes, insurance & HOA | $500.58 | $500.58 | $500.58 |
| Total housing payment | $1,809.81 | $2,196.03 | $2,546.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,802
Closing costs & prepaids$11,757
Usable credit−$0
Total buyer cash needed$44,560
Earnest money paid−$0
Remaining funds due$44,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$463.75
Initial HOA (3 months)$588.00
Prepaid interest, first (1 days)$18.81
Prepaid interest, second (1 days)$11.84
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$36,601Through Nov 2026
Assumption only · ends Nov 2051$129,449
Assumption + second · ends Nov 2051, second Dec 2056$220,488
New conventional · ends Dec 2056$435,498