Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $142,280
- Funds due
- $153,021
- Interest + MI left
- $159,460
- First ends
- Jul 2051
Assumption
Assumption + second
$2,616/mo
+$797/mo- Down payment
- $43,280
- Funds due
- $55,296
- Interest + MI left
- $347,227
- First ends
- Jul 2051
New loan
New conventional
$2,950/mo
+$1,131/mo- Down payment
- $43,280
- Funds due
- $51,842
- Interest + MI left
- $578,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,720 | $282,720 | $381,720 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,361.69 | $1,361.69 | $2,642.95 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $227.03 | $227.03 | $76.34 |
| Taxes, insurance & HOA | $230.75 | $230.75 | $230.75 |
| Total housing payment | $1,819.46 | $2,616.04 | $2,950.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,280
Closing costs & prepaids$12,015
Usable credit−$0
Total buyer cash needed$55,296
Earnest money paid−$0
Remaining funds due$55,296
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$242.25
Prepaid interest, first (1 days)$23.70
Prepaid interest, second (1 days)$24.41
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$49,356Through Nov 2026
Assumption only · ends Jul 2051$159,460
Assumption + second · ends Jul 2051, second Dec 2056$347,227
New conventional · ends Dec 2056$578,828