Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,934/mo
Lowest payment- Down payment
- $86,288
- Funds due
- $96,983
- Interest + MI left
- $161,591
- First ends
- Sep 2051
Assumption
Assumption + second
$2,320/mo
+$386/mo- Down payment
- $38,288
- Funds due
- $50,340
- Interest + MI left
- $252,629
- First ends
- Sep 2051
New loan
New conventional
$2,685/mo
+$751/mo- Down payment
- $38,288
- Funds due
- $47,191
- Interest + MI left
- $499,638
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,711 | $293,711 | $341,711 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,396.18 | $1,396.18 | $2,314.87 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $235.78 | $235.78 | $68.34 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,933.95 | $2,320.17 | $2,685.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,288
Closing costs & prepaids$12,052
Usable credit−$0
Total buyer cash needed$50,340
Earnest money paid−$0
Remaining funds due$50,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$456.00
Prepaid interest, first (9 days)$214.37
Prepaid interest, second (9 days)$106.52
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$48,811Through Dec 2026
Assumption only · ends Sep 2051$161,591
Assumption + second · ends Sep 2051, second Jan 2057$252,629
New conventional · ends Jan 2057$499,638