Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,516/mo
Lowest payment- Down payment
- $86,308
- Funds due
- $98,313
- Interest + MI left
- $182,638
- First ends
- Jun 2051
Assumption
Assumption + second
$2,846/mo
+$330/mo- Down payment
- $45,308
- Funds due
- $58,613
- Interest + MI left
- $260,400
- First ends
- Jun 2051
New loan
New conventional
$3,354/mo
+$838/mo- Down payment
- $45,308
- Funds due
- $55,324
- Interest + MI left
- $591,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,592 | $363,592 | $404,592 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,688.17 | $1,688.17 | $2,740.85 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $295.59 | $295.59 | $80.92 |
| Taxes, insurance & HOA | $532.42 | $532.42 | $532.42 |
| Total housing payment | $2,516.17 | $2,846.07 | $3,354.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,308
Closing costs & prepaids$13,305
Usable credit−$0
Total buyer cash needed$58,613
Earnest money paid−$0
Remaining funds due$58,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$1,147.25
Prepaid interest, first (5 days)$133.48
Prepaid interest, second (5 days)$50.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.68%
Interest already paid$57,709Through Dec 2026
Assumption only · ends Jun 2051$182,638
Assumption + second · ends Jun 2051, second Jan 2057$260,400
New conventional · ends Jan 2057$591,580