Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $81,666
- Funds due
- $91,646
- Interest + MI left
- $131,662
- First ends
- Nov 2051
Assumption
Assumption + second
$2,010/mo
+$394/mo- Down payment
- $32,666
- Funds due
- $43,968
- Interest + MI left
- $224,597
- First ends
- Nov 2051
New loan
New conventional
$2,319/mo
+$703/mo- Down payment
- $32,666
- Funds due
- $40,749
- Interest + MI left
- $427,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,334 | $243,334 | $292,334 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,141.39 | $1,141.39 | $1,980.37 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $194.74 | $194.74 | $58.47 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,616.13 | $2,010.40 | $2,318.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,666
Closing costs & prepaids$11,303
Usable credit−$0
Total buyer cash needed$43,968
Earnest money paid−$0
Remaining funds due$43,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (6 days)$115.20
Prepaid interest, second (6 days)$72.49
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 11 moOf the original 30-year loan at 2.88%
Interest already paid$38,031Through Dec 2026
Assumption only · ends Nov 2051$131,662
Assumption + second · ends Nov 2051, second Jan 2057$224,597
New conventional · ends Jan 2057$427,441