Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,007/mo
Lowest payment- Down payment
- $90,054
- Funds due
- $103,027
- Interest + MI left
- $257,632
- First ends
- Aug 2051
Assumption
Assumption + second
$3,280/mo
+$274/mo- Down payment
- $56,054
- Funds due
- $70,328
- Interest + MI left
- $322,118
- First ends
- Aug 2051
New loan
New conventional
$3,904/mo
+$897/mo- Down payment
- $56,054
- Funds due
- $67,033
- Interest + MI left
- $736,560
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,746 | $469,746 | $503,746 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,238.09 | $2,238.09 | $3,412.55 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $377.95 | $377.95 | $100.75 |
| Taxes, insurance & HOA | $390.58 | $390.58 | $390.58 |
| Total housing payment | $3,006.62 | $3,280.19 | $3,903.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,054
Closing costs & prepaids$14,274
Usable credit−$0
Total buyer cash needed$70,328
Earnest money paid−$0
Remaining funds due$70,328
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,598.00
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)$671.75
Prepaid interest, first (6 days)$228.57
Prepaid interest, second (6 days)$50.30
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$79,407Through Dec 2026
Assumption only · ends Aug 2051$257,632
Assumption + second · ends Aug 2051, second Jan 2057$322,118
New conventional · ends Jan 2057$736,560