Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $83,316
- Funds due
- $93,394
- Interest + MI left
- $119,889
- First ends
- Sep 2051
Assumption
Assumption + second
$2,038/mo
+$426/mo- Down payment
- $30,316
- Funds due
- $41,709
- Interest + MI left
- $220,411
- First ends
- Sep 2051
New loan
New conventional
$2,286/mo
+$675/mo- Down payment
- $30,316
- Funds due
- $38,468
- Interest + MI left
- $394,323
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,684 | $216,684 | $269,684 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,032.27 | $1,032.27 | $1,826.93 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $173.88 | $173.88 | $53.94 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,611.15 | $2,037.60 | $2,285.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,316
Closing costs & prepaids$11,394
Usable credit−$0
Total buyer cash needed$41,709
Earnest money paid−$0
Remaining funds due$41,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Prepaid interest, first (5 days)$88.45
Prepaid interest, second (5 days)$65.34
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$36,246Through Dec 2026
Assumption only · ends Sep 2051$119,889
Assumption + second · ends Sep 2051, second Jan 2057$220,411
New conventional · ends Jan 2057$394,323