Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $165,718
- Funds due
- $177,681
- Interest + MI left
- $161,417
- First ends
- Jan 2051
Assumption
Assumption + second
$2,967/mo
+$866/mo- Down payment
- $47,718
- Funds due
- $61,086
- Interest + MI left
- $355,120
- First ends
- Jan 2051
New loan
New conventional
$3,351/mo
+$1,250/mo- Down payment
- $47,718
- Funds due
- $57,765
- Interest + MI left
- $627,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,282 | $311,282 | $429,282 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,488.34 | $1,488.34 | $2,908.11 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $255.25 | $255.25 | $85.86 |
| Taxes, insurance & HOA | $357.50 | $357.50 | $357.50 |
| Total housing payment | $2,101.09 | $2,966.93 | $3,351.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,718
Closing costs & prepaids$13,368
Usable credit−$0
Total buyer cash needed$61,086
Earnest money paid−$0
Remaining funds due$61,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,770.00
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)$572.50
Prepaid interest, first (6 days)$145.32
Prepaid interest, second (6 days)$155.18
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 2.84%
Interest already paid$56,602Through Dec 2026
Assumption only · ends Jan 2051$161,417
Assumption + second · ends Jan 2051, second Jan 2057$355,120
New conventional · ends Jan 2057$627,681