Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,840/mo
Lowest payment- Down payment
- $102,914
- Funds due
- $113,550
- Interest + MI left
- $264,278
- First ends
- Mar 2056
Assumption
Assumption + second
$2,371/mo
+$531/mo- Down payment
- $36,914
- Funds due
- $48,947
- Interest + MI left
- $389,457
- First ends
- Mar 2056
New loan
New conventional
$2,584/mo
+$744/mo- Down payment
- $36,914
- Funds due
- $45,639
- Interest + MI left
- $479,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,086 | $262,086 | $328,086 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,422.58 | $1,422.58 | $2,222.57 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $121.46 | $121.46 | $65.62 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,840.04 | $2,371.09 | $2,584.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,914
Closing costs & prepaids$12,033
Usable credit−$0
Total buyer cash needed$48,947
Earnest money paid−$0
Remaining funds due$48,947
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$323.12
Prepaid interest, second (9 days)$146.47
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 closing29 yr 3 moOf the original 30-year loan at 5%
Interest already paid$9,889Through Dec 2026
Assumption only · ends Mar 2056$264,278
Assumption + second · ends Mar 2056, second Jan 2057$389,457
New conventional · ends Jan 2057$479,716