Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,467/mo
Lowest payment- Down payment
- $79,132
- Funds due
- $88,644
- Interest + MI left
- $124,555
- First ends
- Oct 2051
Assumption
Assumption + second
$1,853/mo
+$386/mo- Down payment
- $31,132
- Funds due
- $41,918
- Interest + MI left
- $215,594
- First ends
- Oct 2051
New loan
New conventional
$2,187/mo
+$720/mo- Down payment
- $31,132
- Funds due
- $38,610
- Interest + MI left
- $422,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,868 | $230,868 | $278,868 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,081.72 | $1,081.72 | $1,930.83 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $184.80 | $184.80 | $55.77 |
| Taxes, insurance & HOA | $200.25 | $200.25 | $200.25 |
| Total housing payment | $1,466.77 | $1,852.99 | $2,186.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,132
Closing costs & prepaids$10,786
Usable credit−$0
Total buyer cash needed$41,918
Earnest money paid−$0
Remaining funds due$41,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$150.75
Prepaid interest, first (2 days)$36.31
Prepaid interest, second (2 days)$23.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$35,961Through Nov 2026
Assumption only · ends Oct 2051$124,555
Assumption + second · ends Oct 2051, second Dec 2056$215,594
New conventional · ends Dec 2056$422,922