Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $84,702
- Funds due
- $95,155
- Interest + MI left
- $148,836
- First ends
- Sep 2051
Assumption
Assumption + second
$2,201/mo
+$386/mo- Down payment
- $36,702
- Funds due
- $48,512
- Interest + MI left
- $239,875
- First ends
- Sep 2051
New loan
New conventional
$2,548/mo
+$733/mo- Down payment
- $36,702
- Funds due
- $45,363
- Interest + MI left
- $472,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,198 | $275,198 | $323,198 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,299.64 | $1,299.64 | $2,189.46 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $221.17 | $221.17 | $64.64 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,814.81 | $2,201.03 | $2,548.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,702
Closing costs & prepaids$11,809
Usable credit−$0
Total buyer cash needed$48,512
Earnest money paid−$0
Remaining funds due$48,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$196.79
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 closing24 yr 9 moOf the original 30-year loan at 2.9%
Interest already paid$44,835Through Dec 2026
Assumption only · ends Sep 2051$148,836
Assumption + second · ends Sep 2051, second Jan 2057$239,875
New conventional · ends Jan 2057$472,504