Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,916/mo
Lowest payment- Down payment
- $123,404
- Funds due
- $134,564
- Interest + MI left
- $140,697
- First ends
- Oct 2051
Assumption
Assumption + second
$2,592/mo
+$676/mo- Down payment
- $39,404
- Funds due
- $51,917
- Interest + MI left
- $300,015
- First ends
- Oct 2051
New loan
New conventional
$2,888/mo
+$972/mo- Down payment
- $39,404
- Funds due
- $48,607
- Interest + MI left
- $505,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,596 | $261,596 | $345,596 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,228.52 | $1,228.52 | $2,341.19 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $209.88 | $209.88 | $69.12 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $1,915.64 | $2,591.53 | $2,887.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,404
Closing costs & prepaids$12,513
Usable credit−$0
Total buyer cash needed$51,917
Earnest money paid−$0
Remaining funds due$51,917
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$981.75
Prepaid interest, first (5 days)$102.85
Prepaid interest, second (5 days)$103.56
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$41,468Through Dec 2026
Assumption only · ends Oct 2051$140,697
Assumption + second · ends Oct 2051, second Jan 2057$300,015
New conventional · ends Jan 2057$505,249