Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $63,578
- Funds due
- $73,751
- Interest + MI left
- $159,383
- First ends
- Oct 2051
Assumption
Assumption + second
$2,099/mo
+$217/mo- Down payment
- $36,578
- Funds due
- $48,007
- Interest + MI left
- $210,592
- First ends
- Oct 2051
New loan
New conventional
$2,558/mo
+$676/mo- Down payment
- $36,578
- Funds due
- $44,627
- Interest + MI left
- $488,910
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,422 | $295,422 | $322,422 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,384.19 | $1,384.19 | $2,232.38 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $236.47 | $236.47 | $64.48 |
| Taxes, insurance & HOA | $261.33 | $261.33 | $261.33 |
| Total housing payment | $1,881.99 | $2,099.24 | $2,558.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,578
Closing costs & prepaids$11,429
Usable credit−$0
Total buyer cash needed$48,007
Earnest money paid−$0
Remaining funds due$48,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$334.00
Prepaid interest, first (1 days)$23.23
Prepaid interest, second (1 days)$6.66
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$46,016Through Nov 2026
Assumption only · ends Oct 2051$159,383
Assumption + second · ends Oct 2051, second Dec 2056$210,592
New conventional · ends Dec 2056$488,910