Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,840/mo
Lowest payment- Down payment
- $114,782
- Funds due
- $125,620
- Interest + MI left
- $143,316
- First ends
- Jul 2051
Assumption
Assumption + second
$2,444/mo
+$603/mo- Down payment
- $39,782
- Funds due
- $52,036
- Interest + MI left
- $285,564
- First ends
- Jul 2051
New loan
New conventional
$2,785/mo
+$945/mo- Down payment
- $39,782
- Funds due
- $48,862
- Interest + MI left
- $519,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,218 | $280,218 | $355,218 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,305.07 | $1,305.07 | $2,406.37 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $227.03 | $227.03 | $71.04 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,840.10 | $2,443.57 | $2,785.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,782
Closing costs & prepaids$12,254
Usable credit−$0
Total buyer cash needed$52,036
Earnest money paid−$0
Remaining funds due$52,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$188.63
Prepaid interest, second (9 days)$166.44
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 7 moOf the original 30-year loan at 2.73%
Interest already paid$44,536Through Dec 2026
Assumption only · ends Jul 2051$143,316
Assumption + second · ends Jul 2051, second Jan 2057$285,564
New conventional · ends Jan 2057$519,387