Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,474/mo
Lowest payment- Down payment
- $89,874
- Funds due
- $101,851
- Interest + MI left
- $207,136
- First ends
- Oct 2051
Assumption
Assumption + second
$2,812/mo
+$338/mo- Down payment
- $47,874
- Funds due
- $61,163
- Interest + MI left
- $286,795
- First ends
- Oct 2051
New loan
New conventional
$3,336/mo
+$861/mo- Down payment
- $47,874
- Funds due
- $57,894
- Interest + MI left
- $624,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,126 | $385,126 | $427,126 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,808.65 | $1,808.65 | $2,893.50 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $308.98 | $308.98 | $85.43 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,474.30 | $2,812.24 | $3,335.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,874
Closing costs & prepaids$13,289
Usable credit−$0
Total buyer cash needed$61,163
Earnest money paid−$0
Remaining funds due$61,163
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$181.70
Prepaid interest, second (6 days)$62.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 2.87%
Interest already paid$61,050Through Dec 2026
Assumption only · ends Oct 2051$207,136
Assumption + second · ends Oct 2051, second Jan 2057$286,795
New conventional · ends Jan 2057$624,529