Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,187/mo
Lowest payment- Down payment
- $71,166
- Funds due
- $81,942
- Interest + MI left
- $197,816
- First ends
- Nov 2051
Assumption
Assumption + second
$2,437/mo
+$249/mo- Down payment
- $40,166
- Funds due
- $52,200
- Interest + MI left
- $256,612
- First ends
- Nov 2051
New loan
New conventional
$2,887/mo
+$700/mo- Down payment
- $40,166
- Funds due
- $48,784
- Interest + MI left
- $545,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,834 | $328,834 | $359,834 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,602.46 | $1,602.46 | $2,491.42 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $260.81 | $260.81 | $71.97 |
| Taxes, insurance & HOA | $323.92 | $323.92 | $323.92 |
| Total housing payment | $2,187.19 | $2,436.62 | $2,887.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,166
Closing costs & prepaids$12,034
Usable credit−$0
Total buyer cash needed$52,200
Earnest money paid−$0
Remaining funds due$52,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$332.75
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$29.28
Prepaid interest, second (1 days)$7.64
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 3.250%
Interest already paid$56,774Through Nov 2026
Assumption only · ends Nov 2051$197,816
Assumption + second · ends Nov 2051, second Dec 2056$256,612
New conventional · ends Dec 2056$545,712