Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,129/mo
Lowest payment- Down payment
- $124,539
- Funds due
- $135,909
- Interest + MI left
- $180,746
- First ends
- Aug 2051
Assumption
Assumption + second
$2,772/mo
+$644/mo- Down payment
- $44,539
- Funds due
- $57,278
- Interest + MI left
- $332,478
- First ends
- Aug 2051
New loan
New conventional
$3,121/mo
+$992/mo- Down payment
- $44,539
- Funds due
- $53,975
- Interest + MI left
- $585,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,461 | $320,461 | $400,461 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,543.46 | $1,543.46 | $2,712.86 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $257.34 | $257.34 | $80.09 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $2,128.80 | $2,772.49 | $3,120.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,539
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$57,278
Earnest money paid−$0
Remaining funds due$57,278
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$161.20
Prepaid interest, second (6 days)$118.36
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 3.06%
Interest already paid$55,944Through Dec 2026
Assumption only · ends Aug 2051$180,746
Assumption + second · ends Aug 2051, second Jan 2057$332,478
New conventional · ends Jan 2057$585,540