Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $44,444
- Funds due
- $54,721
- Interest + MI left
- $152,317
- First ends
- Sep 2051
Assumption
Assumption + second
$2,202/mo
+$265/mo- Down payment
- $18,444
- Funds due
- $30,021
- Interest + MI left
- $221,695
- First ends
- Sep 2051
New loan
New conventional
$2,602/mo
+$665/mo- Down payment
- $18,444
- Funds due
- $26,996
- Interest + MI left
- $486,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,556 | $305,556 | $331,556 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,400.03 | $1,400.03 | $2,246.08 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $246.90 | $246.90 | $66.31 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,936.94 | $2,201.88 | $2,602.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,444
Closing costs & prepaids$11,578
Usable credit−$0
Total buyer cash needed$30,021
Earnest money paid−$0
Remaining funds due$30,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$131.85
Prepaid interest, second (6 days)$50.75
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 2.625%
Interest already paid$45,188Through Dec 2026
Assumption only · ends Sep 2051$152,317
Assumption + second · ends Sep 2051, second Jan 2057$221,695
New conventional · ends Jan 2057$486,514