Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,614/mo
Lowest payment- Down payment
- $53,981
- Funds due
- $63,748
- Interest + MI left
- $122,287
- First ends
- Sep 2051
Assumption
Assumption + second
$1,823/mo
+$209/mo- Down payment
- $27,981
- Funds due
- $39,030
- Interest + MI left
- $171,600
- First ends
- Sep 2051
New loan
New conventional
$2,107/mo
+$493/mo- Down payment
- $27,981
- Funds due
- $35,820
- Interest + MI left
- $361,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,019 | $221,019 | $247,019 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,052.92 | $1,052.92 | $1,673.39 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $177.35 | $177.35 | $49.40 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,614.02 | $1,823.22 | $2,106.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,981
Closing costs & prepaids$11,049
Usable credit−$0
Total buyer cash needed$39,030
Earnest money paid−$0
Remaining funds due$39,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Prepaid interest, first (5 days)$90.22
Prepaid interest, second (5 days)$32.05
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 closing24 yr 9 moOf the original 30-year loan at 2.98%
Interest already paid$36,971Through Dec 2026
Assumption only · ends Sep 2051$122,287
Assumption + second · ends Sep 2051, second Jan 2057$171,600
New conventional · ends Jan 2057$361,133