Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,460/mo
Lowest payment- Down payment
- $111,355
- Funds due
- $121,363
- Interest + MI left
- $106,978
- First ends
- Feb 2051
Assumption
Assumption + second
$2,088/mo
+$628/mo- Down payment
- $33,355
- Funds due
- $44,786
- Interest + MI left
- $254,917
- First ends
- Feb 2051
New loan
New conventional
$2,314/mo
+$854/mo- Down payment
- $33,355
- Funds due
- $41,603
- Interest + MI left
- $426,375
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,645 | $213,645 | $291,645 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,004.90 | $1,004.90 | $1,975.70 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $175.27 | $175.27 | $58.33 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,460.16 | $2,087.77 | $2,314.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,355
Closing costs & prepaids$11,431
Usable credit−$0
Total buyer cash needed$44,786
Earnest money paid−$0
Remaining funds due$44,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$142.76
Prepaid interest, second (9 days)$173.10
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$36,553Through Dec 2026
Assumption only · ends Feb 2051$106,978
Assumption + second · ends Feb 2051, second Jan 2057$254,917
New conventional · ends Jan 2057$426,375