Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,592/mo
Lowest payment- Down payment
- $75,738
- Funds due
- $85,660
- Interest + MI left
- $128,685
- First ends
- Oct 2051
Assumption
Assumption + second
$1,946/mo
+$354/mo- Down payment
- $31,738
- Funds due
- $43,008
- Interest + MI left
- $212,137
- First ends
- Oct 2051
New loan
New conventional
$2,252/mo
+$660/mo- Down payment
- $31,738
- Funds due
- $39,875
- Interest + MI left
- $414,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,262 | $239,262 | $283,262 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,123.63 | $1,123.63 | $1,918.92 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $191.96 | $191.96 | $56.65 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,591.59 | $1,945.63 | $2,251.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,738
Closing costs & prepaids$11,270
Usable credit−$0
Total buyer cash needed$43,008
Earnest money paid−$0
Remaining funds due$43,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (9 days)$169.32
Prepaid interest, second (9 days)$97.64
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$37,928Through Dec 2026
Assumption only · ends Oct 2051$128,685
Assumption + second · ends Oct 2051, second Jan 2057$212,137
New conventional · ends Jan 2057$414,176