Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,502/mo
Lowest payment- Down payment
- $76,677
- Funds due
- $86,360
- Interest + MI left
- $111,442
- First ends
- Feb 2051
Assumption
Assumption + second
$1,872/mo
+$370/mo- Down payment
- $30,677
- Funds due
- $41,678
- Interest + MI left
- $198,688
- First ends
- Feb 2051
New loan
New conventional
$2,148/mo
+$646/mo- Down payment
- $30,677
- Funds due
- $38,472
- Interest + MI left
- $393,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,223 | $223,223 | $269,223 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,048.81 | $1,048.81 | $1,823.81 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $183.16 | $183.16 | $53.84 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,501.98 | $1,872.11 | $2,147.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,677
Closing costs & prepaids$11,001
Usable credit−$0
Total buyer cash needed$41,678
Earnest money paid−$0
Remaining funds due$41,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (6 days)$99.07
Prepaid interest, second (6 days)$68.05
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 2 moOf the original 30-year loan at 2.7%
Interest already paid$38,055Through Dec 2026
Assumption only · ends Feb 2051$111,442
Assumption + second · ends Feb 2051, second Jan 2057$198,688
New conventional · ends Jan 2057$393,595