Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,047/mo
Lowest payment- Down payment
- $167,609
- Funds due
- $177,385
- Interest + MI left
- $68,492
- First ends
- Feb 2051
Assumption
Assumption + second
$2,045/mo
+$998/mo- Down payment
- $31,609
- Funds due
- $42,903
- Interest + MI left
- $291,743
- First ends
- Feb 2051
New loan
New conventional
$2,208/mo
+$1,161/mo- Down payment
- $31,609
- Funds due
- $39,670
- Interest + MI left
- $405,536
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,391 | $141,391 | $277,391 |
| Second mortgage | — | $136,000 | — |
| First P&I | $657.18 | $657.18 | $1,879.14 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $116.28 | $116.28 | $55.48 |
| Taxes, insurance & HOA | $273.58 | $273.58 | $273.58 |
| Total housing payment | $1,047.04 | $2,044.96 | $2,208.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,609
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$42,903
Earnest money paid−$0
Remaining funds due$42,903
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$370.75
Prepaid interest, first (9 days)$90.65
Prepaid interest, second (9 days)$268.27
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 2 moOf the original 30-year loan at 2.6%
Interest already paid$23,239Through Dec 2026
Assumption only · ends Feb 2051$68,492
Assumption + second · ends Feb 2051, second Jan 2057$291,743
New conventional · ends Jan 2057$405,536