Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,050/mo
Lowest payment- Down payment
- $69,120
- Funds due
- $79,932
- Interest + MI left
- $168,116
- First ends
- Nov 2051
Assumption
Assumption + second
$2,292/mo
+$241/mo- Down payment
- $39,120
- Funds due
- $51,249
- Interest + MI left
- $225,015
- First ends
- Nov 2051
New loan
New conventional
$2,753/mo
+$703/mo- Down payment
- $39,120
- Funds due
- $48,143
- Interest + MI left
- $513,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,880 | $320,880 | $350,880 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,486.98 | $1,486.98 | $2,376.98 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $257.34 | $257.34 | $70.18 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,050.32 | $2,291.71 | $2,753.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,120
Closing costs & prepaids$12,129
Usable credit−$0
Total buyer cash needed$51,249
Earnest money paid−$0
Remaining funds due$51,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$219.17
Prepaid interest, second (9 days)$66.58
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 11 moOf the original 30-year loan at 2.77%
Interest already paid$48,288Through Dec 2026
Assumption only · ends Nov 2051$168,116
Assumption + second · ends Nov 2051, second Jan 2057$225,015
New conventional · ends Jan 2057$513,045