Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,472/mo
Lowest payment- Down payment
- $94,516
- Funds due
- $104,294
- Interest + MI left
- $116,256
- First ends
- Oct 2051
Assumption
Assumption + second
$1,979/mo
+$507/mo- Down payment
- $31,516
- Funds due
- $42,575
- Interest + MI left
- $235,744
- First ends
- Oct 2051
New loan
New conventional
$2,274/mo
+$802/mo- Down payment
- $31,516
- Funds due
- $39,258
- Interest + MI left
- $422,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,484 | $215,484 | $278,484 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,009.65 | $1,009.65 | $1,928.17 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $172.48 | $172.48 | $55.70 |
| Taxes, insurance & HOA | $289.83 | $289.83 | $289.83 |
| Total housing payment | $1,471.96 | $1,978.88 | $2,273.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,516
Closing costs & prepaids$11,059
Usable credit−$0
Total buyer cash needed$42,575
Earnest money paid−$0
Remaining funds due$42,575
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)$419.50
Prepaid interest, first (2 days)$33.89
Prepaid interest, second (2 days)$31.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.870%
Interest already paid$33,565Through Nov 2026
Assumption only · ends Oct 2051$116,256
Assumption + second · ends Oct 2051, second Dec 2056$235,744
New conventional · ends Dec 2056$422,284