Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $143,853
- Funds due
- $154,551
- Interest + MI left
- $131,850
- First ends
- Oct 2051
Assumption
Assumption + second
$2,417/mo
+$763/mo- Down payment
- $39,853
- Funds due
- $51,937
- Interest + MI left
- $302,571
- First ends
- Oct 2051
New loan
New conventional
$2,741/mo
+$1,087/mo- Down payment
- $39,853
- Funds due
- $48,648
- Interest + MI left
- $510,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,147 | $245,147 | $349,147 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,151.27 | $1,151.27 | $2,365.24 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $196.68 | $196.68 | $69.83 |
| Taxes, insurance & HOA | $305.58 | $305.58 | $305.58 |
| Total housing payment | $1,653.53 | $2,416.65 | $2,740.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,853
Closing costs & prepaids$12,084
Usable credit−$0
Total buyer cash needed$51,937
Earnest money paid−$0
Remaining funds due$51,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Prepaid interest, first (6 days)$115.66
Prepaid interest, second (6 days)$136.77
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$38,861Through Dec 2026
Assumption only · ends Oct 2051$131,850
Assumption + second · ends Oct 2051, second Jan 2057$302,571
New conventional · ends Jan 2057$510,441