Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $149,207
- Funds due
- $159,942
- Interest + MI left
- $149,083
- First ends
- Jul 2051
Assumption
Assumption + second
$2,538/mo
+$785/mo- Down payment
- $42,207
- Funds due
- $54,215
- Interest + MI left
- $324,729
- First ends
- Jul 2051
New loan
New conventional
$2,918/mo
+$1,165/mo- Down payment
- $42,207
- Funds due
- $50,773
- Interest + MI left
- $565,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,793 | $265,793 | $372,793 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,277.39 | $1,277.39 | $2,581.14 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $213.52 | $213.52 | $74.56 |
| Taxes, insurance & HOA | $262.42 | $262.42 | $262.42 |
| Total housing payment | $1,753.33 | $2,538.46 | $2,918.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,207
Closing costs & prepaids$12,008
Usable credit−$0
Total buyer cash needed$54,215
Earnest money paid−$0
Remaining funds due$54,215
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$337.25
Prepaid interest, first (1 days)$22.14
Prepaid interest, second (1 days)$23.45
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 3.040%
Interest already paid$46,107Through Nov 2026
Assumption only · ends Jul 2051$149,083
Assumption + second · ends Jul 2051, second Dec 2056$324,729
New conventional · ends Dec 2056$565,291