Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $109,669
- Funds due
- $120,506
- Interest + MI left
- $147,975
- First ends
- Feb 2051
Assumption
Assumption + second
$2,478/mo
+$555/mo- Down payment
- $40,669
- Funds due
- $52,858
- Interest + MI left
- $278,844
- First ends
- Feb 2051
New loan
New conventional
$2,816/mo
+$894/mo- Down payment
- $40,669
- Funds due
- $49,591
- Interest + MI left
- $525,329
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,331 | $290,331 | $359,331 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,374.45 | $1,374.45 | $2,434.23 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $237.86 | $237.86 | $71.87 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,922.32 | $2,477.51 | $2,816.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,669
Closing costs & prepaids$12,189
Usable credit−$0
Total buyer cash needed$52,858
Earnest money paid−$0
Remaining funds due$52,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$132.20
Prepaid interest, second (6 days)$102.08
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$50,738Through Dec 2026
Assumption only · ends Feb 2051$147,975
Assumption + second · ends Feb 2051, second Jan 2057$278,844
New conventional · ends Jan 2057$525,329