Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,969/mo
Lowest payment- Down payment
- $53,805
- Funds due
- $64,160
- Interest + MI left
- $171,706
- First ends
- Dec 2051
Assumption
Assumption + second
$2,336/mo
+$367/mo- Down payment
- $17,805
- Funds due
- $29,480
- Interest + MI left
- $267,768
- First ends
- Dec 2051
New loan
New conventional
$2,646/mo
+$676/mo- Down payment
- $17,805
- Funds due
- $26,429
- Interest + MI left
- $495,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,445 | $301,445 | $337,445 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,437.34 | $1,437.34 | $2,285.97 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $239.95 | $239.95 | $67.49 |
| Taxes, insurance & HOA | $292.08 | $292.08 | $292.08 |
| Total housing payment | $1,969.37 | $2,336.21 | $2,645.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,805
Closing costs & prepaids$11,675
Usable credit−$0
Total buyer cash needed$29,480
Earnest money paid−$0
Remaining funds due$29,480
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,552.50
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)$426.25
Prepaid interest, first (6 days)$151.14
Prepaid interest, second (6 days)$70.27
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 closing25 yrOf the original 30-year loan at 3.05%
Interest already paid$48,935Through Dec 2026
Assumption only · ends Dec 2051$171,706
Assumption + second · ends Dec 2051, second Jan 2057$267,768
New conventional · ends Jan 2057$495,223