Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,915/mo
Lowest payment- Down payment
- $95,420
- Funds due
- $106,122
- Interest + MI left
- $160,166
- First ends
- Sep 2051
Assumption
Assumption + second
$2,366/mo
+$451/mo- Down payment
- $39,420
- Funds due
- $51,468
- Interest + MI left
- $266,378
- First ends
- Sep 2051
New loan
New conventional
$2,713/mo
+$798/mo- Down payment
- $39,420
- Funds due
- $48,238
- Interest + MI left
- $505,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,480 | $289,480 | $345,480 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,379.06 | $1,379.06 | $2,340.40 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $232.29 | $232.29 | $69.10 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,915.35 | $2,365.94 | $2,713.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,420
Closing costs & prepaids$12,048
Usable credit−$0
Total buyer cash needed$51,468
Earnest money paid−$0
Remaining funds due$51,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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)$462.00
Prepaid interest, first (7 days)$165.44
Prepaid interest, second (7 days)$96.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 2.98%
Interest already paid$48,423Through Dec 2026
Assumption only · ends Sep 2051$160,166
Assumption + second · ends Sep 2051, second Jan 2057$266,378
New conventional · ends Jan 2057$505,080