Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $53,841
- Funds due
- $64,061
- Interest + MI left
- $140,148
- First ends
- Feb 2051
Assumption
Assumption + second
$2,254/mo
+$387/mo- Down payment
- $15,841
- Funds due
- $27,373
- Interest + MI left
- $241,547
- First ends
- Feb 2051
New loan
New conventional
$2,464/mo
+$597/mo- Down payment
- $15,841
- Funds due
- $24,286
- Interest + MI left
- $431,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,059 | $256,059 | $294,059 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,245.08 | $1,245.08 | $1,992.06 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $208.65 | $208.65 | $58.81 |
| Taxes, insurance & HOA | $413.42 | $413.42 | $413.42 |
| Total housing payment | $1,867.15 | $2,254.37 | $2,464.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,841
Closing costs & prepaids$11,532
Usable credit−$0
Total buyer cash needed$27,373
Earnest money paid−$0
Remaining funds due$27,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$790.25
Prepaid interest, first (5 days)$105.93
Prepaid interest, second (5 days)$61.82
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 2 moOf the original 30-year loan at 3.02%
Interest already paid$48,649Through Dec 2026
Assumption only · ends Feb 2051$140,148
Assumption + second · ends Feb 2051, second Jan 2057$241,547
New conventional · ends Jan 2057$431,492