Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,812/mo
Lowest payment- Down payment
- $41,553
- Funds due
- $51,894
- Interest + MI left
- $114,860
- First ends
- Dec 2051
Assumption
Assumption + second
$2,107/mo
+$296/mo- Down payment
- $12,553
- Funds due
- $24,182
- Interest + MI left
- $192,244
- First ends
- Dec 2051
New loan
New conventional
$2,293/mo
+$481/mo- Down payment
- $12,553
- Funds due
- $21,082
- Interest + MI left
- $336,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,347 | $203,347 | $232,347 |
| Second mortgage | — | $29,000 | — |
| First P&I | $966.41 | $966.41 | $1,563.01 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $161.95 | $161.95 | $46.47 |
| Taxes, insurance & HOA | $683.17 | $683.17 | $683.17 |
| Total housing payment | $1,811.53 | $2,107.04 | $2,292.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,553
Closing costs & prepaids$11,629
Usable credit−$0
Total buyer cash needed$24,182
Earnest money paid−$0
Remaining funds due$24,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$624.50
Initial HOA (3 months)$975.00
Prepaid interest, first (4 days)$67.30
Prepaid interest, second (4 days)$37.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.02%
Interest already paid$32,695Through Dec 2026
Assumption only · ends Dec 2051$114,860
Assumption + second · ends Dec 2051, second Jan 2057$192,244
New conventional · ends Jan 2057$336,983