Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,767/mo
Lowest payment- Down payment
- $124,539
- Funds due
- $135,279
- Interest + MI left
- $136,349
- First ends
- Dec 2051
Assumption
Assumption + second
$2,467/mo
+$700/mo- Down payment
- $37,539
- Funds due
- $49,551
- Interest + MI left
- $301,357
- First ends
- Dec 2051
New loan
New conventional
$2,802/mo
+$1,035/mo- Down payment
- $37,539
- Funds due
- $46,152
- Interest + MI left
- $511,782
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,461 | $250,461 | $337,461 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,169.48 | $1,169.48 | $2,336.51 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $199.53 | $199.53 | $67.49 |
| Taxes, insurance & HOA | $398.42 | $398.42 | $398.42 |
| Total housing payment | $1,767.43 | $2,467.46 | $2,802.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,539
Closing costs & prepaids$12,011
Usable credit−$0
Total buyer cash needed$49,551
Earnest money paid−$0
Remaining funds due$49,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$431.25
Initial HOA (3 months)$314.01
Prepaid interest, first (1 days)$19.76
Prepaid interest, second (1 days)$21.45
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$37,766Through Nov 2026
Assumption only · ends Dec 2051$136,349
Assumption + second · ends Dec 2051, second Dec 2056$301,357
New conventional · ends Dec 2056$511,782