Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,074/mo
Lowest payment- Down payment
- $121,109
- Funds due
- $134,537
- Interest + MI left
- $262,648
- First ends
- Aug 2051
Assumption
Assumption + second
$3,564/mo
+$491/mo- Down payment
- $60,109
- Funds due
- $74,877
- Interest + MI left
- $378,343
- First ends
- Aug 2051
New loan
New conventional
$4,172/mo
+$1,098/mo- Down payment
- $60,109
- Funds due
- $71,540
- Interest + MI left
- $789,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,891 | $478,891 | $539,891 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,281.66 | $2,281.66 | $3,657.41 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $385.31 | $385.31 | $107.98 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,073.64 | $3,564.46 | $4,172.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,109
Closing costs & prepaids$14,768
Usable credit−$0
Total buyer cash needed$74,877
Earnest money paid−$0
Remaining funds due$74,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Prepaid interest, first (6 days)$233.02
Prepaid interest, second (6 days)$90.25
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$80,953Through Dec 2026
Assumption only · ends Aug 2051$262,648
Assumption + second · ends Aug 2051, second Jan 2057$378,343
New conventional · ends Jan 2057$789,410