Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $153,445
- Funds due
- $164,278
- Interest + MI left
- $136,505
- First ends
- Jun 2051
Assumption
Assumption + second
$2,504/mo
+$829/mo- Down payment
- $40,445
- Funds due
- $52,751
- Interest + MI left
- $322,000
- First ends
- Jun 2051
New loan
New conventional
$2,781/mo
+$1,106/mo- Down payment
- $40,445
- Funds due
- $49,517
- Interest + MI left
- $518,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,555 | $241,555 | $354,555 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,172.49 | $1,172.49 | $2,401.88 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $194.74 | $194.74 | $70.91 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,675.24 | $2,504.39 | $2,780.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,445
Closing costs & prepaids$12,306
Usable credit−$0
Total buyer cash needed$52,751
Earnest money paid−$0
Remaining funds due$52,751
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$184.04
Prepaid interest, second (9 days)$222.90
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$44,011Through Dec 2026
Assumption only · ends Jun 2051$136,505
Assumption + second · ends Jun 2051, second Jan 2057$322,000
New conventional · ends Jan 2057$518,347