Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,211/mo
Lowest payment- Down payment
- $140,460
- Funds due
- $152,447
- Interest + MI left
- $185,280
- First ends
- Jul 2051
Assumption
Assumption + second
$2,959/mo
+$748/mo- Down payment
- $47,460
- Funds due
- $60,904
- Interest + MI left
- $361,668
- First ends
- Jul 2051
New loan
New conventional
$3,302/mo
+$1,091/mo- Down payment
- $47,460
- Funds due
- $57,672
- Interest + MI left
- $617,823
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,540 | $329,540 | $422,540 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,590.80 | $1,590.80 | $2,862.43 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $265.23 | $265.23 | $84.51 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,210.69 | $2,958.99 | $3,301.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,460
Closing costs & prepaids$13,444
Usable credit−$0
Total buyer cash needed$60,904
Earnest money paid−$0
Remaining funds due$60,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (9 days)$248.65
Prepaid interest, second (9 days)$206.38
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$58,502Through Dec 2026
Assumption only · ends Jul 2051$185,280
Assumption + second · ends Jul 2051, second Jan 2057$361,668
New conventional · ends Jan 2057$617,823