Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,909/mo
Lowest payment- Down payment
- $142,921
- Funds due
- $154,119
- Interest + MI left
- $158,595
- First ends
- Jul 2051
Assumption
Assumption + second
$2,642/mo
+$734/mo- Down payment
- $42,921
- Funds due
- $55,566
- Interest + MI left
- $322,751
- First ends
- Jul 2051
New loan
New conventional
$2,985/mo
+$1,076/mo- Down payment
- $42,921
- Funds due
- $52,353
- Interest + MI left
- $558,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,079 | $282,079 | $382,079 |
| Second mortgage | — | $100,000 | — |
| First P&I | $1,361.69 | $1,361.69 | $2,588.34 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $227.03 | $227.03 | $76.42 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,908.71 | $2,642.48 | $2,984.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,921
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$55,566
Earnest money paid−$0
Remaining funds due$55,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$212.83
Prepaid interest, second (9 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$50,077Through Dec 2026
Assumption only · ends Jul 2051$158,595
Assumption + second · ends Jul 2051, second Jan 2057$322,751
New conventional · ends Jan 2057$558,663