Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,353/mo
Lowest payment- Down payment
- $63,602
- Funds due
- $74,973
- Interest + MI left
- $188,325
- First ends
- Nov 2051
Assumption
Assumption + second
$2,791/mo
+$438/mo- Down payment
- $20,602
- Funds due
- $33,293
- Interest + MI left
- $303,066
- First ends
- Nov 2051
New loan
New conventional
$3,128/mo
+$775/mo- Down payment
- $20,602
- Funds due
- $30,201
- Interest + MI left
- $555,248
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,398 | $335,398 | $378,398 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,595.81 | $1,595.81 | $2,563.40 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $267.77 | $267.77 | $75.68 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $2,352.75 | $2,790.92 | $3,128.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,602
Closing costs & prepaids$12,691
Usable credit−$0
Total buyer cash needed$33,293
Earnest money paid−$0
Remaining funds due$33,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,017.50
Prepaid interest, first (5 days)$138.29
Prepaid interest, second (5 days)$69.95
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 11 moOf the original 30-year loan at 3.01%
Interest already paid$54,716Through Dec 2026
Assumption only · ends Nov 2051$188,325
Assumption + second · ends Nov 2051, second Jan 2057$303,066
New conventional · ends Jan 2057$555,248