Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,112/mo
Lowest payment- Down payment
- $163,536
- Funds due
- $175,494
- Interest + MI left
- $144,306
- First ends
- Mar 2051
Assumption
Assumption + second
$2,978/mo
+$866/mo- Down payment
- $45,536
- Funds due
- $58,848
- Interest + MI left
- $338,009
- First ends
- Mar 2051
New loan
New conventional
$3,334/mo
+$1,222/mo- Down payment
- $45,536
- Funds due
- $55,468
- Interest + MI left
- $584,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,464 | $286,464 | $404,464 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,345.58 | $1,345.58 | $2,720.86 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $234.38 | $234.38 | $80.89 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,112.46 | $2,978.30 | $3,334.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,536
Closing costs & prepaids$13,311
Usable credit−$0
Total buyer cash needed$58,848
Earnest money paid−$0
Remaining funds due$58,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (4 days)$85.39
Prepaid interest, second (4 days)$103.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3 moOf the original 30-year loan at 2.72%
Interest already paid$48,418Through Dec 2026
Assumption only · ends Mar 2051$144,306
Assumption + second · ends Mar 2051, second Jan 2057$338,009
New conventional · ends Jan 2057$584,427