Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $85,488
- Funds due
- $95,803
- Interest + MI left
- $126,521
- First ends
- Nov 2051
Assumption
Assumption + second
$2,135/mo
+$426/mo- Down payment
- $32,488
- Funds due
- $44,105
- Interest + MI left
- $227,043
- First ends
- Nov 2051
New loan
New conventional
$2,414/mo
+$705/mo- Down payment
- $32,488
- Funds due
- $40,828
- Interest + MI left
- $415,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,512 | $234,512 | $287,512 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,098.80 | $1,098.80 | $1,934.11 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $187.72 | $187.72 | $57.50 |
| Taxes, insurance & HOA | $422.00 | $422.00 | $422.00 |
| Total housing payment | $1,708.51 | $2,134.96 | $2,413.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,488
Closing costs & prepaids$11,617
Usable credit−$0
Total buyer cash needed$44,105
Earnest money paid−$0
Remaining funds due$44,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$816.00
Prepaid interest, first (4 days)$73.76
Prepaid interest, second (4 days)$52.27
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$36,529Through Dec 2026
Assumption only · ends Nov 2051$126,521
Assumption + second · ends Nov 2051, second Jan 2057$227,043
New conventional · ends Jan 2057$415,438