Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $55,322
- Funds due
- $65,288
- Interest + MI left
- $162,067
- First ends
- Aug 2051
Assumption
Assumption + second
$2,237/mo
+$377/mo- Down payment
- $18,322
- Funds due
- $29,550
- Interest + MI left
- $260,798
- First ends
- Aug 2051
New loan
New conventional
$2,585/mo
+$725/mo- Down payment
- $18,322
- Funds due
- $26,348
- Interest + MI left
- $504,585
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,578 | $294,578 | $331,578 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,400.30 | $1,400.30 | $2,295.78 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $236.47 | $236.47 | $66.32 |
| Taxes, insurance & HOA | $222.75 | $222.75 | $222.75 |
| Total housing payment | $1,859.52 | $2,236.55 | $2,584.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,322
Closing costs & prepaids$11,228
Usable credit−$0
Total buyer cash needed$29,550
Earnest money paid−$0
Remaining funds due$29,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$218.25
Prepaid interest, first (1 days)$23.89
Prepaid interest, second (1 days)$12.04
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$48,955Through Nov 2026
Assumption only · ends Aug 2051$162,067
Assumption + second · ends Aug 2051, second Dec 2056$260,798
New conventional · ends Dec 2056$504,585