Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,486/mo
Lowest payment- Down payment
- $163,681
- Funds due
- $176,389
- Interest + MI left
- $208,731
- First ends
- Aug 2051
Assumption
Assumption + second
$3,286/mo
+$800/mo- Down payment
- $54,681
- Funds due
- $68,783
- Interest + MI left
- $387,661
- First ends
- Aug 2051
New loan
New conventional
$3,767/mo
+$1,281/mo- Down payment
- $54,681
- Funds due
- $65,430
- Interest + MI left
- $709,617
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,319 | $376,319 | $485,319 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,800.76 | $1,800.76 | $3,287.72 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $302.54 | $302.54 | $97.06 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $2,485.97 | $3,285.77 | $3,767.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,681
Closing costs & prepaids$14,102
Usable credit−$0
Total buyer cash needed$68,783
Earnest money paid−$0
Remaining funds due$68,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$648.00
Prepaid interest, first (6 days)$185.58
Prepaid interest, second (6 days)$143.34
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%
Interest already paid$64,447Through Dec 2026
Assumption only · ends Aug 2051$208,731
Assumption + second · ends Aug 2051, second Jan 2057$387,661
New conventional · ends Jan 2057$709,617