Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $102,579
- Funds due
- $112,037
- Interest + MI left
- $91,845
- First ends
- Oct 2051
Assumption
Assumption + second
$1,813/mo
+$595/mo- Down payment
- $28,579
- Funds due
- $39,451
- Interest + MI left
- $232,196
- First ends
- Oct 2051
New loan
New conventional
$2,000/mo
+$783/mo- Down payment
- $28,579
- Funds due
- $36,272
- Interest + MI left
- $364,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,321 | $175,321 | $249,321 |
| Second mortgage | — | $74,000 | — |
| First P&I | $815.24 | $815.24 | $1,688.99 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $140.90 | $140.90 | $49.86 |
| Taxes, insurance & HOA | $261.17 | $261.17 | $261.17 |
| Total housing payment | $1,217.31 | $1,812.73 | $2,000.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,579
Closing costs & prepaids$10,872
Usable credit−$0
Total buyer cash needed$39,451
Earnest money paid−$0
Remaining funds due$39,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,779.00
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)$333.50
Prepaid interest, first (9 days)$120.18
Prepaid interest, second (9 days)$164.22
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 2.78%
Interest already paid$26,945Through Dec 2026
Assumption only · ends Oct 2051$91,845
Assumption + second · ends Oct 2051, second Jan 2057$232,196
New conventional · ends Jan 2057$364,499