Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,755/mo
Lowest payment- Down payment
- $99,236
- Funds due
- $109,739
- Interest + MI left
- $145,080
- First ends
- Dec 2051
Assumption
Assumption + second
$2,253/mo
+$499/mo- Down payment
- $37,236
- Funds due
- $49,126
- Interest + MI left
- $262,672
- First ends
- Dec 2051
New loan
New conventional
$2,582/mo
+$827/mo- Down payment
- $37,236
- Funds due
- $45,957
- Interest + MI left
- $479,180
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,764 | $265,764 | $327,764 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,246.50 | $1,246.50 | $2,220.39 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $212.13 | $212.13 | $65.55 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,754.63 | $2,253.50 | $2,581.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,236
Closing costs & prepaids$11,891
Usable credit−$0
Total buyer cash needed$49,126
Earnest money paid−$0
Remaining funds due$49,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$190.04
Prepaid interest, second (9 days)$137.59
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$41,080Through Dec 2026
Assumption only · ends Dec 2051$145,080
Assumption + second · ends Dec 2051, second Jan 2057$262,672
New conventional · ends Jan 2057$479,180