Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $108,223
- Funds due
- $119,142
- Interest + MI left
- $138,160
- First ends
- Sep 2051
Assumption
Assumption + second
$2,452/mo
+$571/mo- Down payment
- $37,223
- Funds due
- $49,479
- Interest + MI left
- $272,822
- First ends
- Sep 2051
New loan
New conventional
$2,753/mo
+$872/mo- Down payment
- $37,223
- Funds due
- $46,191
- Interest + MI left
- $480,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,677 | $257,677 | $328,677 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,212.91 | $1,212.91 | $2,226.57 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $207.21 | $207.21 | $65.74 |
| Taxes, insurance & HOA | $461.00 | $461.00 | $461.00 |
| Total housing payment | $1,881.12 | $2,452.40 | $2,753.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,223
Closing costs & prepaids$12,256
Usable credit−$0
Total buyer cash needed$49,479
Earnest money paid−$0
Remaining funds due$49,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,659.00
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)$933.00
Prepaid interest, first (5 days)$101.31
Prepaid interest, second (5 days)$87.53
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 2.87%
Interest already paid$41,559Through Dec 2026
Assumption only · ends Sep 2051$138,160
Assumption + second · ends Sep 2051, second Jan 2057$272,822
New conventional · ends Jan 2057$480,514