Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,914/mo
Lowest payment- Down payment
- $64,256
- Funds due
- $74,710
- Interest + MI left
- $158,525
- First ends
- Oct 2051
Assumption
Assumption + second
$2,140/mo
+$225/mo- Down payment
- $36,256
- Funds due
- $48,023
- Interest + MI left
- $211,631
- First ends
- Oct 2051
New loan
New conventional
$2,545/mo
+$630/mo- Down payment
- $36,256
- Funds due
- $44,911
- Interest + MI left
- $471,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,744 | $294,744 | $322,744 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,384.19 | $1,384.19 | $2,186.38 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $236.47 | $236.47 | $64.55 |
| Taxes, insurance & HOA | $293.58 | $293.58 | $293.58 |
| Total housing payment | $1,914.24 | $2,139.54 | $2,544.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,256
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$48,023
Earnest money paid−$0
Remaining funds due$48,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Prepaid interest, first (9 days)$208.58
Prepaid interest, second (9 days)$62.14
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$46,723Through Dec 2026
Assumption only · ends Oct 2051$158,525
Assumption + second · ends Oct 2051, second Jan 2057$211,631
New conventional · ends Jan 2057$471,905