Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $54,040
- Funds due
- $66,632
- Interest + MI left
- $264,792
- First ends
- Jul 2051
Assumption
Assumption + second
$3,304/mo
+$275/mo- Down payment
- $27,040
- Funds due
- $40,934
- Interest + MI left
- $336,839
- First ends
- Jul 2051
New loan
New conventional
$3,850/mo
+$820/mo- Down payment
- $27,040
- Funds due
- $37,912
- Interest + MI left
- $730,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,960 | $470,960 | $497,960 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,273.47 | $2,273.47 | $3,373.35 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $379.05 | $379.05 | $99.59 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $3,029.19 | $3,304.32 | $3,849.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,040
Closing costs & prepaids$13,895
Usable credit−$0
Total buyer cash needed$40,934
Earnest money paid−$0
Remaining funds due$40,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (6 days)$236.90
Prepaid interest, second (6 days)$52.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$83,608Through Dec 2026
Assumption only · ends Jul 2051$264,792
Assumption + second · ends Jul 2051, second Jan 2057$336,839
New conventional · ends Jan 2057$730,689