Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,887/mo
Lowest payment- Down payment
- $171,277
- Funds due
- $182,745
- Interest + MI left
- $152,763
- First ends
- Jul 2051
Assumption
Assumption + second
$2,811/mo
+$925/mo- Down payment
- $45,277
- Funds due
- $58,244
- Interest + MI left
- $359,599
- First ends
- Jul 2051
New loan
New conventional
$3,152/mo
+$1,265/mo- Down payment
- $45,277
- Funds due
- $55,005
- Interest + MI left
- $591,626
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,623 | $278,623 | $404,623 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,331.99 | $1,331.99 | $2,741.06 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $224.65 | $224.65 | $80.92 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,886.63 | $2,811.18 | $3,151.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,277
Closing costs & prepaids$12,967
Usable credit−$0
Total buyer cash needed$58,244
Earnest money paid−$0
Remaining funds due$58,244
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Prepaid interest, first (9 days)$204.04
Prepaid interest, second (9 days)$248.55
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 2.97%
Interest already paid$48,053Through Dec 2026
Assumption only · ends Jul 2051$152,763
Assumption + second · ends Jul 2051, second Jan 2057$359,599
New conventional · ends Jan 2057$591,626