Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,848/mo
Lowest payment- Down payment
- $124,309
- Funds due
- $134,983
- Interest + MI left
- $150,358
- First ends
- Feb 2051
Assumption
Assumption + second
$2,516/mo
+$668/mo- Down payment
- $41,309
- Funds due
- $53,274
- Interest + MI left
- $307,779
- First ends
- Feb 2051
New loan
New conventional
$2,878/mo
+$1,030/mo- Down payment
- $41,309
- Funds due
- $49,875
- Interest + MI left
- $559,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,691 | $285,691 | $368,691 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,363.84 | $1,363.84 | $2,552.74 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $232.99 | $232.99 | $73.74 |
| Taxes, insurance & HOA | $251.42 | $251.42 | $251.42 |
| Total housing payment | $1,848.25 | $2,516.08 | $2,877.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,309
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$53,274
Earnest money paid−$0
Remaining funds due$53,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$304.25
Prepaid interest, first (2 days)$44.93
Prepaid interest, second (2 days)$40.93
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 3 moOf the original 30-year loan at 2.870%
Interest already paid$50,864Through Nov 2026
Assumption only · ends Feb 2051$150,358
Assumption + second · ends Feb 2051, second Dec 2056$307,779
New conventional · ends Dec 2056$559,145