Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,954/mo
Lowest payment- Down payment
- $161,301
- Funds due
- $172,703
- Interest + MI left
- $151,867
- First ends
- Jan 2051
Assumption
Assumption + second
$2,805/mo
+$851/mo- Down payment
- $45,301
- Funds due
- $58,106
- Interest + MI left
- $342,287
- First ends
- Jan 2051
New loan
New conventional
$3,153/mo
+$1,198/mo- Down payment
- $45,301
- Funds due
- $54,791
- Interest + MI left
- $591,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,699 | $288,699 | $404,699 |
| Second mortgage | — | $116,000 | — |
| First P&I | $1,387.76 | $1,387.76 | $2,741.57 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $236.47 | $236.47 | $80.94 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,954.23 | $2,805.40 | $3,152.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,301
Closing costs & prepaids$12,805
Usable credit−$0
Total buyer cash needed$58,106
Earnest money paid−$0
Remaining funds due$58,106
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$137.15
Prepaid interest, second (6 days)$152.55
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 1 moOf the original 30-year loan at 2.89%
Interest already paid$53,389Through Dec 2026
Assumption only · ends Jan 2051$151,867
Assumption + second · ends Jan 2051, second Jan 2057$342,287
New conventional · ends Jan 2057$591,737