Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
Lowest payment- Down payment
- $153,597
- Funds due
- $165,594
- Interest + MI left
- $163,439
- First ends
- Feb 2051
Assumption
Assumption + second
$2,932/mo
+$770/mo- Down payment
- $48,597
- Funds due
- $61,982
- Interest + MI left
- $335,802
- First ends
- Feb 2051
New loan
New conventional
$3,367/mo
+$1,206/mo- Down payment
- $48,597
- Funds due
- $58,671
- Interest + MI left
- $630,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,403 | $326,403 | $431,403 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,535.26 | $1,535.26 | $2,922.47 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $267.77 | $267.77 | $86.28 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $2,161.70 | $2,932.15 | $3,367.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,597
Closing costs & prepaids$13,384
Usable credit−$0
Total buyer cash needed$61,982
Earnest money paid−$0
Remaining funds due$61,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (6 days)$145.41
Prepaid interest, second (6 days)$138.08
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 2.71%
Interest already paid$55,845Through Dec 2026
Assumption only · ends Feb 2051$163,439
Assumption + second · ends Feb 2051, second Jan 2057$335,802
New conventional · ends Jan 2057$630,783