Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,689/mo
Lowest payment- Down payment
- $56,732
- Funds due
- $66,960
- Interest + MI left
- $107,611
- First ends
- Dec 2051
Assumption
Assumption + second
$1,939/mo
+$249/mo- Down payment
- $25,732
- Funds due
- $37,256
- Interest + MI left
- $166,407
- First ends
- Dec 2051
New loan
New conventional
$2,202/mo
+$513/mo- Down payment
- $25,732
- Funds due
- $34,079
- Interest + MI left
- $335,228
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,268 | $198,268 | $229,268 |
| Second mortgage | — | $31,000 | — |
| First P&I | $927.88 | $927.88 | $1,553.14 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $158.31 | $158.31 | $45.85 |
| Taxes, insurance & HOA | $603.00 | $603.00 | $603.00 |
| Total housing payment | $1,689.19 | $1,938.63 | $2,201.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,732
Closing costs & prepaids$11,524
Usable credit−$0
Total buyer cash needed$37,256
Earnest money paid−$0
Remaining funds due$37,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Initial HOA (3 months)$1,053.00
Prepaid interest, first (6 days)$93.87
Prepaid interest, second (6 days)$45.86
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$30,441Through Dec 2026
Assumption only · ends Dec 2051$107,611
Assumption + second · ends Dec 2051, second Jan 2057$166,407
New conventional · ends Jan 2057$335,228