Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,915/mo
Lowest payment- Down payment
- $95,554
- Funds due
- $106,342
- Interest + MI left
- $146,621
- First ends
- Jul 2051
Assumption
Assumption + second
$2,398/mo
+$483/mo- Down payment
- $35,554
- Funds due
- $47,666
- Interest + MI left
- $260,420
- First ends
- Jul 2051
New loan
New conventional
$2,679/mo
+$764/mo- Down payment
- $35,554
- Funds due
- $44,392
- Interest + MI left
- $466,937
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,346 | $259,346 | $319,346 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,254.65 | $1,254.65 | $2,163.36 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $208.65 | $208.65 | $63.87 |
| Taxes, insurance & HOA | $451.67 | $451.67 | $451.67 |
| Total housing payment | $1,914.97 | $2,397.74 | $2,678.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,554
Closing costs & prepaids$12,112
Usable credit−$0
Total buyer cash needed$47,666
Earnest money paid−$0
Remaining funds due$47,666
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.00
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)$905.00
Prepaid interest, first (5 days)$109.42
Prepaid interest, second (5 days)$73.97
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 7 moOf the original 30-year loan at 3.08%
Interest already paid$46,332Through Dec 2026
Assumption only · ends Jul 2051$146,621
Assumption + second · ends Jul 2051, second Jan 2057$260,420
New conventional · ends Jan 2057$466,937