Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,037/mo
Lowest payment- Down payment
- $137,896
- Funds due
- $149,381
- Interest + MI left
- $168,415
- First ends
- Dec 2051
Assumption
Assumption + second
$2,777/mo
+$740/mo- Down payment
- $45,896
- Funds due
- $58,835
- Interest + MI left
- $342,906
- First ends
- Dec 2051
New loan
New conventional
$3,148/mo
+$1,112/mo- Down payment
- $45,896
- Funds due
- $55,617
- Interest + MI left
- $590,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,104 | $312,104 | $404,104 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,457.41 | $1,457.41 | $2,737.54 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $249.30 | $249.30 | $80.82 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,036.71 | $2,776.96 | $3,148.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,896
Closing costs & prepaids$12,939
Usable credit−$0
Total buyer cash needed$58,835
Earnest money paid−$0
Remaining funds due$58,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (9 days)$220.10
Prepaid interest, second (9 days)$204.16
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 2.86%
Interest already paid$47,595Through Dec 2026
Assumption only · ends Dec 2051$168,415
Assumption + second · ends Dec 2051, second Jan 2057$342,906
New conventional · ends Jan 2057$590,786