Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $69,672
- Funds due
- $80,850
- Interest + MI left
- $168,591
- First ends
- Nov 2051
Assumption
Assumption + second
$2,451/mo
+$249/mo- Down payment
- $38,672
- Funds due
- $51,138
- Interest + MI left
- $227,387
- First ends
- Nov 2051
New loan
New conventional
$2,892/mo
+$690/mo- Down payment
- $38,672
- Funds due
- $47,881
- Interest + MI left
- $506,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,228 | $315,228 | $346,228 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,472.12 | $1,472.12 | $2,345.47 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $252.47 | $252.47 | $69.25 |
| Taxes, insurance & HOA | $477.17 | $477.17 | $477.17 |
| Total housing payment | $2,201.76 | $2,451.19 | $2,891.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,672
Closing costs & prepaids$12,466
Usable credit−$0
Total buyer cash needed$51,138
Earnest money paid−$0
Remaining funds due$51,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$981.50
Prepaid interest, first (5 days)$122.64
Prepaid interest, second (5 days)$38.22
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$48,602Through Dec 2026
Assumption only · ends Nov 2051$168,591
Assumption + second · ends Nov 2051, second Jan 2057$227,387
New conventional · ends Jan 2057$506,243