Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
Lowest payment- Down payment
- $48,236
- Funds due
- $58,496
- Interest + MI left
- $283,733
- First ends
- Oct 2049
Assumption
Assumption + second
$2,677/mo
+$326/mo- Down payment
- $16,236
- Funds due
- $27,840
- Interest + MI left
- $369,122
- First ends
- Oct 2049
New loan
New conventional
$2,397/mo
+$45/mo- Down payment
- $16,236
- Funds due
- $24,620
- Interest + MI left
- $445,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,764 | $271,764 | $303,764 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,944.11 | $1,944.11 | $2,057.80 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $129.20 | $129.20 | $60.75 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $2,351.31 | $2,677.39 | $2,396.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,236
Closing costs & prepaids$11,604
Usable credit−$0
Total buyer cash needed$27,840
Earnest money paid−$0
Remaining funds due$27,840
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$450.98
Prepaid interest, second (9 days)$93.70
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 closing22 yr 10 moOf the original 25-year loan at 6.73%
Interest already paid$40,413Through Dec 2026
Assumption only · ends Oct 2049$283,733
Assumption + second · ends Oct 2049, second Jan 2057$369,122
New conventional · ends Jan 2057$445,794