Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,901/mo
Lowest payment- Down payment
- $60,374
- Funds due
- $70,659
- Interest + MI left
- $158,341
- First ends
- Aug 2051
Assumption
Assumption + second
$2,102/mo
+$201/mo- Down payment
- $35,374
- Funds due
- $46,946
- Interest + MI left
- $205,757
- First ends
- Aug 2051
New loan
New conventional
$2,484/mo
+$583/mo- Down payment
- $35,374
- Funds due
- $43,735
- Interest + MI left
- $459,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,526 | $289,526 | $314,526 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,377.94 | $1,377.94 | $2,130.71 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $232.99 | $232.99 | $62.91 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,900.93 | $2,102.09 | $2,483.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,374
Closing costs & prepaids$11,571
Usable credit−$0
Total buyer cash needed$46,946
Earnest money paid−$0
Remaining funds due$46,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$140.40
Prepaid interest, second (6 days)$36.99
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$48,782Through Dec 2026
Assumption only · ends Aug 2051$158,341
Assumption + second · ends Aug 2051, second Jan 2057$205,757
New conventional · ends Jan 2057$459,889