Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,636/mo
Lowest payment- Down payment
- $87,983
- Funds due
- $98,073
- Interest + MI left
- $125,138
- First ends
- Jan 2051
Assumption
Assumption + second
$2,071/mo
+$434/mo- Down payment
- $33,983
- Funds due
- $45,443
- Interest + MI left
- $227,556
- First ends
- Jan 2051
New loan
New conventional
$2,347/mo
+$710/mo- Down payment
- $33,983
- Funds due
- $42,288
- Interest + MI left
- $432,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,017 | $242,017 | $296,017 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,155.92 | $1,155.92 | $2,005.32 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $198.50 | $198.50 | $59.20 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,636.42 | $2,070.92 | $2,346.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,983
Closing costs & prepaids$11,460
Usable credit−$0
Total buyer cash needed$45,443
Earnest money paid−$0
Remaining funds due$45,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$168.88
Prepaid interest, second (9 days)$119.84
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$43,857Through Dec 2026
Assumption only · ends Jan 2051$125,138
Assumption + second · ends Jan 2051, second Jan 2057$227,556
New conventional · ends Jan 2057$432,767