Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $156,724
- Funds due
- $167,351
- Interest + MI left
- $121,550
- First ends
- Dec 2051
Assumption
Assumption + second
$2,431/mo
+$866/mo- Down payment
- $38,724
- Funds due
- $50,627
- Interest + MI left
- $315,253
- First ends
- Dec 2051
New loan
New conventional
$2,776/mo
+$1,211/mo- Down payment
- $38,724
- Funds due
- $47,215
- Interest + MI left
- $517,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,276 | $223,276 | $341,276 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,042.55 | $1,042.55 | $2,362.93 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $177.88 | $177.88 | $68.26 |
| Taxes, insurance & HOA | $344.75 | $344.75 | $344.75 |
| Total housing payment | $1,565.17 | $2,431.02 | $2,775.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,724
Closing costs & prepaids$11,903
Usable credit−$0
Total buyer cash needed$50,627
Earnest money paid−$0
Remaining funds due$50,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$407.50
Initial HOA (3 months)$176.76
Prepaid interest, first (1 days)$17.62
Prepaid interest, second (1 days)$25.86
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$33,667Through Nov 2026
Assumption only · ends Dec 2051$121,550
Assumption + second · ends Dec 2051, second Dec 2056$315,253
New conventional · ends Dec 2056$517,500