Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,861/mo
Lowest payment- Down payment
- $98,466
- Funds due
- $109,098
- Interest + MI left
- $145,222
- First ends
- Apr 2051
Assumption
Assumption + second
$2,343/mo
+$483/mo- Down payment
- $38,466
- Funds due
- $50,451
- Interest + MI left
- $259,020
- First ends
- Apr 2051
New loan
New conventional
$2,684/mo
+$823/mo- Down payment
- $38,466
- Funds due
- $47,233
- Interest + MI left
- $499,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,533 | $281,533 | $341,533 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,329.26 | $1,329.26 | $2,313.66 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $229.45 | $229.45 | $68.31 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,860.71 | $2,343.48 | $2,683.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,466
Closing costs & prepaids$11,985
Usable credit−$0
Total buyer cash needed$50,451
Earnest money paid−$0
Remaining funds due$50,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$456.00
Prepaid interest, first (7 days)$150.64
Prepaid interest, second (7 days)$103.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 2.79%
Interest already paid$47,999Through Dec 2026
Assumption only · ends Apr 2051$145,222
Assumption + second · ends Apr 2051, second Jan 2057$259,020
New conventional · ends Jan 2057$499,378