Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,627/mo
Lowest payment- Down payment
- $53,573
- Funds due
- $63,401
- Interest + MI left
- $122,538
- First ends
- Dec 2051
Assumption
Assumption + second
$1,828/mo
+$201/mo- Down payment
- $28,573
- Funds due
- $39,681
- Interest + MI left
- $169,954
- First ends
- Dec 2051
New loan
New conventional
$2,142/mo
+$514/mo- Down payment
- $28,573
- Funds due
- $36,474
- Interest + MI left
- $367,578
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,427 | $226,427 | $251,427 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,058.50 | $1,058.50 | $1,703.25 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $180.83 | $180.83 | $50.29 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,627.33 | $1,828.48 | $2,141.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,573
Closing costs & prepaids$11,109
Usable credit−$0
Total buyer cash needed$39,681
Earnest money paid−$0
Remaining funds due$39,681
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$714.00
Prepaid interest, first (5 days)$89.02
Prepaid interest, second (5 days)$30.82
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$34,647Through Dec 2026
Assumption only · ends Dec 2051$122,538
Assumption + second · ends Dec 2051, second Jan 2057$169,954
New conventional · ends Jan 2057$367,578