Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $56,386
- Funds due
- $67,515
- Interest + MI left
- $197,404
- First ends
- Dec 2051
Assumption
Assumption + second
$2,675/mo
+$357/mo- Down payment
- $21,386
- Funds due
- $33,833
- Interest + MI left
- $290,798
- First ends
- Dec 2051
New loan
New conventional
$3,100/mo
+$781/mo- Down payment
- $21,386
- Funds due
- $30,797
- Interest + MI left
- $581,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,614 | $361,614 | $396,614 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,696.07 | $1,696.07 | $2,686.80 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $288.63 | $288.63 | $79.32 |
| Taxes, insurance & HOA | $333.84 | $333.84 | $333.84 |
| Total housing payment | $2,318.54 | $2,675.19 | $3,099.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,386
Closing costs & prepaids$12,447
Usable credit−$0
Total buyer cash needed$33,833
Earnest money paid−$0
Remaining funds due$33,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$172.39
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 2.9%
Interest already paid$55,895Through Dec 2026
Assumption only · ends Dec 2051$197,404
Assumption + second · ends Dec 2051, second Jan 2057$290,798
New conventional · ends Jan 2057$581,978