Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,137/mo
Lowest payment- Down payment
- $47,624
- Funds due
- $58,162
- Interest + MI left
- $186,691
- First ends
- Jun 2051
Assumption
Assumption + second
$2,433/mo
+$296/mo- Down payment
- $18,624
- Funds due
- $30,468
- Interest + MI left
- $264,075
- First ends
- Jun 2051
New loan
New conventional
$2,749/mo
+$611/mo- Down payment
- $18,624
- Funds due
- $27,421
- Interest + MI left
- $515,667
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,376 | $322,376 | $351,376 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,579.96 | $1,579.96 | $2,380.34 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $259.44 | $259.44 | $70.28 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $2,137.39 | $2,432.90 | $2,748.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,624
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$30,468
Earnest money paid−$0
Remaining funds due$30,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Prepaid interest, first (6 days)$168.52
Prepaid interest, second (6 days)$56.61
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 6 moOf the original 30-year loan at 3.18%
Interest already paid$60,391Through Dec 2026
Assumption only · ends Jun 2051$186,691
Assumption + second · ends Jun 2051, second Jan 2057$264,075
New conventional · ends Jan 2057$515,667