Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,216/mo
Lowest payment- Down payment
- $96,219
- Funds due
- $107,510
- Interest + MI left
- $187,383
- First ends
- Aug 2051
Assumption
Assumption + second
$2,634/mo
+$418/mo- Down payment
- $44,219
- Funds due
- $56,850
- Interest + MI left
- $286,008
- First ends
- Aug 2051
New loan
New conventional
$3,049/mo
+$834/mo- Down payment
- $44,219
- Funds due
- $53,612
- Interest + MI left
- $571,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,781 | $338,781 | $390,781 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,619.37 | $1,619.37 | $2,647.29 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $272.42 | $272.42 | $78.16 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $2,215.79 | $2,634.20 | $3,049.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,219
Closing costs & prepaids$12,631
Usable credit−$0
Total buyer cash needed$56,850
Earnest money paid−$0
Remaining funds due$56,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (7 days)$194.27
Prepaid interest, second (7 days)$89.75
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 8 moOf the original 30-year loan at 2.99%
Interest already paid$57,831Through Dec 2026
Assumption only · ends Aug 2051$187,383
Assumption + second · ends Aug 2051, second Jan 2057$286,008
New conventional · ends Jan 2057$571,308