Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $137,810
- Funds due
- $149,048
- Interest + MI left
- $156,334
- First ends
- Jan 2051
Assumption
Assumption + second
$2,752/mo
+$756/mo- Down payment
- $43,810
- Funds due
- $56,437
- Interest + MI left
- $334,618
- First ends
- Jan 2051
New loan
New conventional
$3,052/mo
+$1,056/mo- Down payment
- $43,810
- Funds due
- $53,131
- Interest + MI left
- $571,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,190 | $297,190 | $391,190 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,428.58 | $1,428.58 | $2,650.06 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $243.43 | $243.43 | $78.24 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,996.00 | $2,752.35 | $3,052.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,810
Closing costs & prepaids$12,627
Usable credit−$0
Total buyer cash needed$56,437
Earnest money paid−$0
Remaining funds due$56,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$141.19
Prepaid interest, second (6 days)$139.07
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$54,959Through Dec 2026
Assumption only · ends Jan 2051$156,334
Assumption + second · ends Jan 2051, second Jan 2057$334,618
New conventional · ends Jan 2057$571,984