Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,873/mo
Lowest payment- Down payment
- $97,462
- Funds due
- $108,151
- Interest + MI left
- $157,479
- First ends
- Mar 2051
Assumption
Assumption + second
$2,348/mo
+$475/mo- Down payment
- $38,462
- Funds due
- $50,532
- Interest + MI left
- $269,381
- First ends
- Mar 2051
New loan
New conventional
$2,683/mo
+$810/mo- Down payment
- $38,462
- Funds due
- $47,362
- Interest + MI left
- $499,239
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,438 | $282,438 | $341,438 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,345.39 | $1,345.39 | $2,313.02 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $226.04 | $226.04 | $68.29 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,873.43 | $2,348.16 | $2,683.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,462
Closing costs & prepaids$12,070
Usable credit−$0
Total buyer cash needed$50,532
Earnest money paid−$0
Remaining funds due$50,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Prepaid interest, first (9 days)$208.93
Prepaid interest, second (9 days)$130.93
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 3 moOf the original 30-year loan at 3%
Interest already paid$51,648Through Dec 2026
Assumption only · ends Mar 2051$157,479
Assumption + second · ends Mar 2051, second Jan 2057$269,381
New conventional · ends Jan 2057$499,239