Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
Lowest payment- Down payment
- $110,753
- Funds due
- $123,245
- Interest + MI left
- $220,792
- First ends
- Nov 2051
Assumption
Assumption + second
$3,086/mo
+$467/mo- Down payment
- $52,753
- Funds due
- $66,581
- Interest + MI left
- $330,797
- First ends
- Nov 2051
New loan
New conventional
$3,633/mo
+$1,014/mo- Down payment
- $52,753
- Funds due
- $63,276
- Interest + MI left
- $683,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,247 | $409,247 | $467,247 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,917.51 | $1,917.51 | $3,165.29 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $327.58 | $327.58 | $93.45 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $2,619.76 | $3,086.44 | $3,633.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,753
Closing costs & prepaids$13,828
Usable credit−$0
Total buyer cash needed$66,581
Earnest money paid−$0
Remaining funds due$66,581
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Prepaid interest, first (6 days)$193.07
Prepaid interest, second (6 days)$85.81
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$63,746Through Dec 2026
Assumption only · ends Nov 2051$220,792
Assumption + second · ends Nov 2051, second Jan 2057$330,797
New conventional · ends Jan 2057$683,192