Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $58,121
- Funds due
- $68,010
- Interest + MI left
- $122,350
- First ends
- Nov 2051
Assumption
Assumption + second
$1,870/mo
+$233/mo- Down payment
- $29,121
- Funds due
- $40,296
- Interest + MI left
- $177,352
- First ends
- Nov 2051
New loan
New conventional
$2,176/mo
+$540/mo- Down payment
- $29,121
- Funds due
- $37,082
- Interest + MI left
- $373,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,779 | $226,779 | $255,779 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,062.57 | $1,062.57 | $1,732.74 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $181.53 | $181.53 | $51.16 |
| Taxes, insurance & HOA | $392.17 | $392.17 | $392.17 |
| Total housing payment | $1,636.26 | $1,869.60 | $2,176.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,121
Closing costs & prepaids$11,175
Usable credit−$0
Total buyer cash needed$40,296
Earnest money paid−$0
Remaining funds due$40,296
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$726.50
Prepaid interest, first (5 days)$89.16
Prepaid interest, second (5 days)$35.75
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$35,324Through Dec 2026
Assumption only · ends Nov 2051$122,350
Assumption + second · ends Nov 2051, second Jan 2057$177,352
New conventional · ends Jan 2057$373,940