Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,858/mo
Lowest payment- Down payment
- $46,964
- Funds due
- $59,717
- Interest + MI left
- $185,591
- First ends
- Dec 2051
Assumption
Assumption + second
$3,134/mo
+$275/mo- Down payment
- $19,964
- Funds due
- $34,011
- Interest + MI left
- $257,638
- First ends
- Dec 2051
New loan
New conventional
$3,561/mo
+$703/mo- Down payment
- $19,964
- Funds due
- $30,946
- Interest + MI left
- $542,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,936 | $342,936 | $369,936 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,603.15 | $1,603.15 | $2,506.08 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $273.88 | $273.88 | $73.99 |
| Taxes, insurance & HOA | $981.42 | $981.42 | $981.42 |
| Total housing payment | $2,858.44 | $3,133.57 | $3,561.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,964
Closing costs & prepaids$14,047
Usable credit−$0
Total buyer cash needed$34,011
Earnest money paid−$0
Remaining funds due$34,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Initial HOA (3 months)$1,500.00
Prepaid interest, first (5 days)$134.83
Prepaid interest, second (5 days)$43.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.87%
Interest already paid$52,475Through Dec 2026
Assumption only · ends Dec 2051$185,591
Assumption + second · ends Dec 2051, second Jan 2057$257,638
New conventional · ends Jan 2057$542,831