Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $172,607
- Funds due
- $184,064
- Interest + MI left
- $143,378
- First ends
- Jan 2051
Assumption
Assumption + second
$2,814/mo
+$932/mo- Down payment
- $45,607
- Funds due
- $58,565
- Interest + MI left
- $351,855
- First ends
- Jan 2051
New loan
New conventional
$3,150/mo
+$1,268/mo- Down payment
- $45,607
- Funds due
- $55,331
- Interest + MI left
- $591,143
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,293 | $277,293 | $404,293 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,324.41 | $1,324.41 | $2,738.82 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $227.43 | $227.43 | $80.86 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,881.84 | $2,813.72 | $3,149.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,607
Closing costs & prepaids$12,958
Usable credit−$0
Total buyer cash needed$58,565
Earnest money paid−$0
Remaining funds due$58,565
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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 (9 days)$193.50
Prepaid interest, second (9 days)$250.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.83%
Interest already paid$50,250Through Dec 2026
Assumption only · ends Jan 2051$143,378
Assumption + second · ends Jan 2051, second Jan 2057$351,855
New conventional · ends Jan 2057$591,143