Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,911/mo
Lowest payment- Down payment
- $124,989
- Funds due
- $136,008
- Interest + MI left
- $149,536
- First ends
- Feb 2051
Assumption
Assumption + second
$2,579/mo
+$668/mo- Down payment
- $41,989
- Funds due
- $54,442
- Interest + MI left
- $306,957
- First ends
- Feb 2051
New loan
New conventional
$2,881/mo
+$970/mo- Down payment
- $41,989
- Funds due
- $51,238
- Interest + MI left
- $538,019
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,011 | $285,011 | $368,011 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,363.84 | $1,363.84 | $2,493.03 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $232.99 | $232.99 | $73.60 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,910.83 | $2,578.67 | $2,880.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,989
Closing costs & prepaids$12,453
Usable credit−$0
Total buyer cash needed$54,442
Earnest money paid−$0
Remaining funds due$54,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$201.69
Prepaid interest, second (9 days)$184.19
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 2 moOf the original 30-year loan at 2.87%
Interest already paid$51,547Through Dec 2026
Assumption only · ends Feb 2051$149,536
Assumption + second · ends Feb 2051, second Jan 2057$306,957
New conventional · ends Jan 2057$538,019