Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
Lowest payment- Down payment
- $84,069
- Funds due
- $94,172
- Interest + MI left
- $149,643
- First ends
- Sep 2051
Assumption
Assumption + second
$2,135/mo
+$386/mo- Down payment
- $36,069
- Funds due
- $47,445
- Interest + MI left
- $240,681
- First ends
- Sep 2051
New loan
New conventional
$2,535/mo
+$786/mo- Down payment
- $36,069
- Funds due
- $44,098
- Interest + MI left
- $491,111
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,831 | $275,831 | $323,831 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,299.64 | $1,299.64 | $2,242.14 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $221.17 | $221.17 | $64.77 |
| Taxes, insurance & HOA | $228.17 | $228.17 | $228.17 |
| Total housing payment | $1,748.97 | $2,135.19 | $2,535.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,069
Closing costs & prepaids$11,376
Usable credit−$0
Total buyer cash needed$47,445
Earnest money paid−$0
Remaining funds due$47,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$234.50
Prepaid interest, first (2 days)$43.83
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$44,168Through Nov 2026
Assumption only · ends Sep 2051$149,643
Assumption + second · ends Sep 2051, second Dec 2056$240,681
New conventional · ends Dec 2056$491,111