Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,894/mo
Lowest payment- Down payment
- $111,049
- Funds due
- $121,851
- Interest + MI left
- $145,973
- First ends
- Jan 2051
Assumption
Assumption + second
$2,466/mo
+$571/mo- Down payment
- $40,049
- Funds due
- $52,223
- Interest + MI left
- $280,635
- First ends
- Jan 2051
New loan
New conventional
$2,784/mo
+$889/mo- Down payment
- $40,049
- Funds due
- $48,986
- Interest + MI left
- $518,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,951 | $283,951 | $354,951 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,353.31 | $1,353.31 | $2,404.56 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $232.99 | $232.99 | $70.99 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,894.31 | $2,465.59 | $2,783.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,049
Closing costs & prepaids$12,175
Usable credit−$0
Total buyer cash needed$52,223
Earnest money paid−$0
Remaining funds due$52,223
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (7 days)$153.02
Prepaid interest, second (7 days)$122.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.81%
Interest already paid$51,105Through Dec 2026
Assumption only · ends Jan 2051$145,973
Assumption + second · ends Jan 2051, second Jan 2057$280,635
New conventional · ends Jan 2057$518,997