Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,223/mo
Lowest payment- Down payment
- $108,953
- Funds due
- $120,352
- Interest + MI left
- $174,297
- First ends
- Jan 2051
Assumption
Assumption + second
$2,738/mo
+$515/mo- Down payment
- $44,953
- Funds due
- $57,697
- Interest + MI left
- $295,682
- First ends
- Jan 2051
New loan
New conventional
$3,140/mo
+$917/mo- Down payment
- $44,953
- Funds due
- $54,422
- Interest + MI left
- $589,321
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,047 | $339,047 | $403,047 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,615.90 | $1,615.90 | $2,730.38 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $278.20 | $278.20 | $80.61 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $2,223.27 | $2,738.22 | $3,140.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,953
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$57,697
Earnest money paid−$0
Remaining funds due$57,697
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$537.50
Prepaid interest, first (6 days)$156.61
Prepaid interest, second (6 days)$94.68
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$61,020Through Dec 2026
Assumption only · ends Jan 2051$174,297
Assumption + second · ends Jan 2051, second Jan 2057$295,682
New conventional · ends Jan 2057$589,321