Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,117/mo
Lowest payment- Down payment
- $124,167
- Funds due
- $135,586
- Interest + MI left
- $175,790
- First ends
- Nov 2051
Assumption
Assumption + second
$2,753/mo
+$636/mo- Down payment
- $45,167
- Funds due
- $57,953
- Interest + MI left
- $325,624
- First ends
- Nov 2051
New loan
New conventional
$3,153/mo
+$1,036/mo- Down payment
- $45,167
- Funds due
- $54,658
- Interest + MI left
- $591,933
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,833 | $325,833 | $404,833 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,526.68 | $1,526.68 | $2,742.48 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $260.81 | $260.81 | $80.97 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,117.49 | $2,753.14 | $3,153.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,167
Closing costs & prepaids$12,786
Usable credit−$0
Total buyer cash needed$57,953
Earnest money paid−$0
Remaining funds due$57,953
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$153.72
Prepaid interest, second (6 days)$116.88
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$50,753Through Dec 2026
Assumption only · ends Nov 2051$175,790
Assumption + second · ends Nov 2051, second Jan 2057$325,624
New conventional · ends Jan 2057$591,933