Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $142,553
- Funds due
- $154,977
- Interest + MI left
- $204,909
- First ends
- Sep 2051
Assumption
Assumption + second
$3,174/mo
+$732/mo- Down payment
- $51,553
- Funds due
- $65,362
- Interest + MI left
- $377,503
- First ends
- Sep 2051
New loan
New conventional
$3,605/mo
+$1,163/mo- Down payment
- $51,553
- Funds due
- $62,027
- Interest + MI left
- $677,636
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,447 | $372,447 | $463,447 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,770.45 | $1,770.45 | $3,139.55 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $298.98 | $298.98 | $92.69 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $2,442.10 | $3,174.30 | $3,604.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,553
Closing costs & prepaids$13,809
Usable credit−$0
Total buyer cash needed$65,362
Earnest money paid−$0
Remaining funds due$65,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (6 days)$181.22
Prepaid interest, second (6 days)$134.63
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$61,896Through Dec 2026
Assumption only · ends Sep 2051$204,909
Assumption + second · ends Sep 2051, second Jan 2057$377,503
New conventional · ends Jan 2057$677,636