Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $63,217
- Funds due
- $76,385
- Interest + MI left
- $255,819
- First ends
- Dec 2051
Assumption
Assumption + second
$3,487/mo
+$357/mo- Down payment
- $28,217
- Funds due
- $42,703
- Interest + MI left
- $349,213
- First ends
- Dec 2051
New loan
New conventional
$4,130/mo
+$999/mo- Down payment
- $28,217
- Funds due
- $39,698
- Interest + MI left
- $765,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,783 | $486,783 | $521,783 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,250.57 | $2,250.57 | $3,534.74 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $389.48 | $389.48 | $104.36 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $3,130.72 | $3,487.37 | $4,129.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,217
Closing costs & prepaids$14,487
Usable credit−$0
Total buyer cash needed$42,703
Earnest money paid−$0
Remaining funds due$42,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$312.00
Prepaid interest, first (6 days)$221.65
Prepaid interest, second (6 days)$68.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.77%
Interest already paid$71,961Through Dec 2026
Assumption only · ends Dec 2051$255,819
Assumption + second · ends Dec 2051, second Jan 2057$349,213
New conventional · ends Jan 2057$765,646