Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,856/mo
Lowest payment- Down payment
- $62,111
- Funds due
- $72,410
- Interest + MI left
- $159,341
- First ends
- Dec 2051
Assumption
Assumption + second
$2,074/mo
+$217/mo- Down payment
- $35,111
- Funds due
- $46,719
- Interest + MI left
- $210,551
- First ends
- Dec 2051
New loan
New conventional
$2,449/mo
+$593/mo- Down payment
- $35,111
- Funds due
- $43,598
- Interest + MI left
- $453,047
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,889 | $282,889 | $309,889 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,342.97 | $1,342.97 | $2,099.30 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $225.34 | $225.34 | $61.98 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,856.31 | $2,073.56 | $2,449.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,111
Closing costs & prepaids$11,609
Usable credit−$0
Total buyer cash needed$46,719
Earnest money paid−$0
Remaining funds due$46,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (9 days)$209.96
Prepaid interest, second (9 days)$59.92
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 3.01%
Interest already paid$45,337Through Dec 2026
Assumption only · ends Dec 2051$159,341
Assumption + second · ends Dec 2051, second Jan 2057$210,551
New conventional · ends Jan 2057$453,047