Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,579/mo
Lowest payment- Down payment
- $61,101
- Funds due
- $70,854
- Interest + MI left
- $128,515
- First ends
- Nov 2051
Assumption
Assumption + second
$1,829/mo
+$249/mo- Down payment
- $30,101
- Funds due
- $41,173
- Interest + MI left
- $187,311
- First ends
- Nov 2051
New loan
New conventional
$2,152/mo
+$573/mo- Down payment
- $30,101
- Funds due
- $38,063
- Interest + MI left
- $394,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,899 | $238,899 | $269,899 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,118.12 | $1,118.12 | $1,828.39 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $191.26 | $191.26 | $53.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,579.39 | $1,828.82 | $2,152.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,101
Closing costs & prepaids$11,072
Usable credit−$0
Total buyer cash needed$41,173
Earnest money paid−$0
Remaining funds due$41,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$168.47
Prepaid interest, second (9 days)$68.79
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$37,086Through Dec 2026
Assumption only · ends Nov 2051$128,515
Assumption + second · ends Nov 2051, second Jan 2057$187,311
New conventional · ends Jan 2057$394,637