Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $100,703
- Funds due
- $111,267
- Interest + MI left
- $146,900
- First ends
- Sep 2051
Assumption
Assumption + second
$2,297/mo
+$507/mo- Down payment
- $37,703
- Funds due
- $49,657
- Interest + MI left
- $266,389
- First ends
- Sep 2051
New loan
New conventional
$2,616/mo
+$825/mo- Down payment
- $37,703
- Funds due
- $46,483
- Interest + MI left
- $485,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,297 | $269,297 | $332,297 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,275.94 | $1,275.94 | $2,251.10 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $216.30 | $216.30 | $66.46 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,790.24 | $2,297.15 | $2,615.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,703
Closing costs & prepaids$11,953
Usable credit−$0
Total buyer cash needed$49,657
Earnest money paid−$0
Remaining funds due$49,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Prepaid interest, first (9 days)$194.56
Prepaid interest, second (9 days)$139.81
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$44,314Through Dec 2026
Assumption only · ends Sep 2051$146,900
Assumption + second · ends Sep 2051, second Jan 2057$266,389
New conventional · ends Jan 2057$485,807