Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $70,704
- Funds due
- $81,055
- Interest + MI left
- $156,433
- First ends
- Dec 2051
Assumption
Assumption + second
$2,117/mo
+$282/mo- Down payment
- $35,704
- Funds due
- $47,382
- Interest + MI left
- $222,816
- First ends
- Dec 2051
New loan
New conventional
$2,482/mo
+$646/mo- Down payment
- $35,704
- Funds due
- $44,248
- Interest + MI left
- $459,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,296 | $279,296 | $314,296 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,323.00 | $1,323.00 | $2,129.15 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $222.56 | $222.56 | $62.86 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,835.56 | $2,117.18 | $2,482.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,704
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$47,382
Earnest money paid−$0
Remaining funds due$47,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$205.91
Prepaid interest, second (9 days)$77.67
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 closing25 yrOf the original 30-year loan at 2.99%
Interest already paid$44,473Through Dec 2026
Assumption only · ends Dec 2051$156,433
Assumption + second · ends Dec 2051, second Jan 2057$222,816
New conventional · ends Jan 2057$459,490