Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $90,778
- Funds due
- $101,483
- Interest + MI left
- $185,631
- First ends
- Jul 2051
Assumption
Assumption + second
$2,470/mo
+$386/mo- Down payment
- $42,778
- Funds due
- $54,745
- Interest + MI left
- $276,670
- First ends
- Jul 2051
New loan
New conventional
$2,921/mo
+$837/mo- Down payment
- $42,778
- Funds due
- $51,304
- Interest + MI left
- $571,855
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,122 | $329,122 | $377,122 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,585.18 | $1,585.18 | $2,611.12 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $264.29 | $264.29 | $75.42 |
| Taxes, insurance & HOA | $234.42 | $234.42 | $234.42 |
| Total housing payment | $2,083.88 | $2,470.10 | $2,920.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,778
Closing costs & prepaids$11,967
Usable credit−$0
Total buyer cash needed$54,745
Earnest money paid−$0
Remaining funds due$54,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$253.25
Prepaid interest, first (1 days)$27.59
Prepaid interest, second (1 days)$11.84
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$57,456Through Nov 2026
Assumption only · ends Jul 2051$185,631
Assumption + second · ends Jul 2051, second Dec 2056$276,670
New conventional · ends Dec 2056$571,855