Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $98,633
- Funds due
- $108,877
- Interest + MI left
- $145,850
- First ends
- Dec 2051
Assumption
Assumption + second
$2,224/mo
+$499/mo- Down payment
- $36,633
- Funds due
- $48,143
- Interest + MI left
- $263,441
- First ends
- Dec 2051
New loan
New conventional
$2,605/mo
+$881/mo- Down payment
- $36,633
- Funds due
- $44,756
- Interest + MI left
- $497,991
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,367 | $266,367 | $328,367 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,246.50 | $1,246.50 | $2,273.55 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $212.13 | $212.13 | $65.67 |
| Taxes, insurance & HOA | $266.08 | $266.08 | $266.08 |
| Total housing payment | $1,724.72 | $2,223.58 | $2,605.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,633
Closing costs & prepaids$11,510
Usable credit−$0
Total buyer cash needed$48,143
Earnest money paid−$0
Remaining funds due$48,143
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$348.25
Prepaid interest, first (1 days)$21.16
Prepaid interest, second (1 days)$15.29
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$40,436Through Nov 2026
Assumption only · ends Dec 2051$145,850
Assumption + second · ends Dec 2051, second Dec 2056$263,441
New conventional · ends Dec 2056$497,991