Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,763/mo
Lowest payment- Down payment
- $142,250
- Funds due
- $153,321
- Interest + MI left
- $124,026
- First ends
- Oct 2051
Assumption
Assumption + second
$2,526/mo
+$763/mo- Down payment
- $38,250
- Funds due
- $50,685
- Interest + MI left
- $294,748
- First ends
- Oct 2051
New loan
New conventional
$2,849/mo
+$1,085/mo- Down payment
- $38,250
- Funds due
- $47,384
- Interest + MI left
- $498,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,750 | $236,750 | $340,750 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,100.89 | $1,100.89 | $2,308.36 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $190.27 | $190.27 | $68.15 |
| Taxes, insurance & HOA | $472.17 | $472.17 | $472.17 |
| Total housing payment | $1,763.33 | $2,526.44 | $2,848.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,250
Closing costs & prepaids$12,436
Usable credit−$0
Total buyer cash needed$50,685
Earnest money paid−$0
Remaining funds due$50,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$966.50
Prepaid interest, first (5 days)$90.16
Prepaid interest, second (5 days)$113.97
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 2.78%
Interest already paid$36,386Through Dec 2026
Assumption only · ends Oct 2051$124,026
Assumption + second · ends Oct 2051, second Jan 2057$294,748
New conventional · ends Jan 2057$498,233