Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,167/mo
Lowest payment- Down payment
- $139,711
- Funds due
- $151,345
- Interest + MI left
- $186,290
- First ends
- Jul 2051
Assumption
Assumption + second
$2,907/mo
+$740/mo- Down payment
- $47,711
- Funds due
- $60,618
- Interest + MI left
- $360,781
- First ends
- Jul 2051
New loan
New conventional
$3,319/mo
+$1,152/mo- Down payment
- $47,711
- Funds due
- $57,126
- Interest + MI left
- $640,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,289 | $330,289 | $422,289 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,590.80 | $1,590.80 | $2,923.84 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $265.23 | $265.23 | $84.46 |
| Taxes, insurance & HOA | $310.50 | $310.50 | $310.50 |
| Total housing payment | $2,166.52 | $2,906.78 | $3,318.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,711
Closing costs & prepaids$12,907
Usable credit−$0
Total buyer cash needed$60,618
Earnest money paid−$0
Remaining funds due$60,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$431.50
Prepaid interest, first (1 days)$27.69
Prepaid interest, second (1 days)$22.68
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$57,660Through Nov 2026
Assumption only · ends Jul 2051$186,290
Assumption + second · ends Jul 2051, second Dec 2056$360,781
New conventional · ends Dec 2056$640,345