Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,456/mo
Lowest payment- Down payment
- $95,010
- Funds due
- $104,859
- Interest + MI left
- $115,630
- First ends
- Oct 2051
Assumption
Assumption + second
$1,971/mo
+$515/mo- Down payment
- $31,010
- Funds due
- $42,251
- Interest + MI left
- $237,015
- First ends
- Oct 2051
New loan
New conventional
$2,220/mo
+$764/mo- Down payment
- $31,010
- Funds due
- $39,091
- Interest + MI left
- $407,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,990 | $214,990 | $278,990 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,009.65 | $1,009.65 | $1,889.98 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $172.48 | $172.48 | $55.80 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,456.13 | $1,971.09 | $2,219.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,010
Closing costs & prepaids$11,241
Usable credit−$0
Total buyer cash needed$42,251
Earnest money paid−$0
Remaining funds due$42,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (9 days)$152.14
Prepaid interest, second (9 days)$142.03
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$34,080Through Dec 2026
Assumption only · ends Oct 2051$115,630
Assumption + second · ends Oct 2051, second Jan 2057$237,015
New conventional · ends Jan 2057$407,930