Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $149,811
- Funds due
- $160,883
- Interest + MI left
- $148,275
- First ends
- Jul 2051
Assumption
Assumption + second
$2,599/mo
+$792/mo- Down payment
- $41,811
- Funds due
- $54,346
- Interest + MI left
- $325,562
- First ends
- Jul 2051
New loan
New conventional
$2,919/mo
+$1,112/mo- Down payment
- $41,811
- Funds due
- $51,127
- Interest + MI left
- $545,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,189 | $265,189 | $373,189 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,277.39 | $1,277.39 | $2,528.11 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $213.52 | $213.52 | $74.64 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,806.91 | $2,599.38 | $2,918.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,811
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$54,346
Earnest money paid−$0
Remaining funds due$54,346
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$198.78
Prepaid interest, second (9 days)$213.04
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 7 moOf the original 30-year loan at 3.04%
Interest already paid$46,780Through Dec 2026
Assumption only · ends Jul 2051$148,275
Assumption + second · ends Jul 2051, second Jan 2057$325,562
New conventional · ends Jan 2057$545,664