Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,771/mo
Lowest payment- Down payment
- $172,028
- Funds due
- $182,983
- Interest + MI left
- $144,168
- First ends
- Jan 2051
Assumption
Assumption + second
$2,703/mo
+$932/mo- Down payment
- $45,028
- Funds due
- $57,260
- Interest + MI left
- $352,645
- First ends
- Jan 2051
New loan
New conventional
$3,104/mo
+$1,333/mo- Down payment
- $45,028
- Funds due
- $53,793
- Interest + MI left
- $614,152
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,962 | $277,962 | $404,962 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,324.41 | $1,324.41 | $2,803.88 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $227.43 | $227.43 | $80.99 |
| Taxes, insurance & HOA | $219.50 | $219.50 | $219.50 |
| Total housing payment | $1,771.34 | $2,703.22 | $3,104.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,028
Closing costs & prepaids$12,233
Usable credit−$0
Total buyer cash needed$57,260
Earnest money paid−$0
Remaining funds due$57,260
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$208.50
Prepaid interest, first (1 days)$21.55
Prepaid interest, second (1 days)$27.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 2.830%
Interest already paid$49,594Through Nov 2026
Assumption only · ends Jan 2051$144,168
Assumption + second · ends Jan 2051, second Dec 2056$352,645
New conventional · ends Dec 2056$614,152