Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,938/mo
Lowest payment- Down payment
- $89,261
- Funds due
- $100,110
- Interest + MI left
- $146,519
- First ends
- Dec 2051
Assumption
Assumption + second
$2,364/mo
+$426/mo- Down payment
- $36,261
- Funds due
- $48,426
- Interest + MI left
- $247,041
- First ends
- Dec 2051
New loan
New conventional
$2,714/mo
+$776/mo- Down payment
- $36,261
- Funds due
- $45,160
- Interest + MI left
- $473,360
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,739 | $270,739 | $323,739 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,265.64 | $1,265.64 | $2,193.12 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $216.22 | $216.22 | $64.75 |
| Taxes, insurance & HOA | $456.00 | $456.00 | $456.00 |
| Total housing payment | $1,937.86 | $2,364.31 | $2,713.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,261
Closing costs & prepaids$12,165
Usable credit−$0
Total buyer cash needed$48,426
Earnest money paid−$0
Remaining funds due$48,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$918.00
Prepaid interest, first (5 days)$106.44
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 closing25 yrOf the original 30-year loan at 2.87%
Interest already paid$41,428Through Dec 2026
Assumption only · ends Dec 2051$146,519
Assumption + second · ends Dec 2051, second Jan 2057$247,041
New conventional · ends Jan 2057$473,360