Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,749/mo
Lowest payment- Down payment
- $130,638
- Funds due
- $143,667
- Interest + MI left
- $227,610
- First ends
- Dec 2051
Assumption
Assumption + second
$3,353/mo
+$603/mo- Down payment
- $55,638
- Funds due
- $70,028
- Interest + MI left
- $369,858
- First ends
- Dec 2051
New loan
New conventional
$3,900/mo
+$1,150/mo- Down payment
- $55,638
- Funds due
- $66,695
- Interest + MI left
- $722,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,362 | $419,362 | $494,362 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,962.58 | $1,962.58 | $3,348.98 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $334.85 | $334.85 | $98.87 |
| Taxes, insurance & HOA | $451.67 | $451.67 | $451.67 |
| Total housing payment | $2,749.10 | $3,352.57 | $3,899.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,638
Closing costs & prepaids$14,389
Usable credit−$0
Total buyer cash needed$70,028
Earnest money paid−$0
Remaining funds due$70,028
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)$195.00
Prepaid interest, first (6 days)$198.54
Prepaid interest, second (6 days)$110.96
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 2.88%
Interest already paid$64,387Through Dec 2026
Assumption only · ends Dec 2051$227,610
Assumption + second · ends Dec 2051, second Jan 2057$369,858
New conventional · ends Jan 2057$722,839