Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,562/mo
Lowest payment- Down payment
- $80,216
- Funds due
- $90,135
- Interest + MI left
- $127,375
- First ends
- Dec 2051
Assumption
Assumption + second
$1,948/mo
+$386/mo- Down payment
- $32,216
- Funds due
- $43,491
- Interest + MI left
- $218,414
- First ends
- Dec 2051
New loan
New conventional
$2,248/mo
+$686/mo- Down payment
- $32,216
- Funds due
- $40,346
- Interest + MI left
- $413,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,684 | $234,684 | $282,684 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,098.31 | $1,098.31 | $1,915.00 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $187.39 | $187.39 | $56.54 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,561.69 | $1,947.91 | $2,247.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,216
Closing costs & prepaids$11,275
Usable credit−$0
Total buyer cash needed$43,491
Earnest money paid−$0
Remaining funds due$43,491
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$378.00
Prepaid interest, first (9 days)$166.66
Prepaid interest, second (9 days)$106.52
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 closing25 yrOf the original 30-year loan at 2.88%
Interest already paid$36,032Through Dec 2026
Assumption only · ends Dec 2051$127,375
Assumption + second · ends Dec 2051, second Jan 2057$218,414
New conventional · ends Jan 2057$413,274