Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,845/mo
Lowest payment- Down payment
- $156,737
- Funds due
- $170,089
- Interest + MI left
- $240,365
- First ends
- Aug 2051
Assumption
Assumption + second
$3,626/mo
+$780/mo- Down payment
- $59,737
- Funds due
- $74,483
- Interest + MI left
- $424,339
- First ends
- Aug 2051
New loan
New conventional
$4,138/mo
+$1,292/mo- Down payment
- $59,737
- Funds due
- $71,110
- Interest + MI left
- $782,643
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,263 | $438,263 | $535,263 |
| Second mortgage | — | $97,000 | — |
| First P&I | $2,088.09 | $2,088.09 | $3,626.06 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $352.62 | $352.62 | $107.05 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $2,845.37 | $3,625.86 | $4,137.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,737
Closing costs & prepaids$14,746
Usable credit−$0
Total buyer cash needed$74,483
Earnest money paid−$0
Remaining funds due$74,483
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Prepaid interest, first (6 days)$213.25
Prepaid interest, second (6 days)$143.51
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$74,085Through Dec 2026
Assumption only · ends Aug 2051$240,365
Assumption + second · ends Aug 2051, second Jan 2057$424,339
New conventional · ends Jan 2057$782,643