Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,980/mo
Lowest payment- Down payment
- $138,740
- Funds due
- $150,111
- Interest + MI left
- $138,228
- First ends
- Mar 2051
Assumption
Assumption + second
$2,761/mo
+$780/mo- Down payment
- $41,740
- Funds due
- $54,409
- Interest + MI left
- $322,202
- First ends
- Mar 2051
New loan
New conventional
$3,099/mo
+$1,119/mo- Down payment
- $41,740
- Funds due
- $51,002
- Interest + MI left
- $554,626
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,760 | $268,760 | $365,760 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,267.59 | $1,267.59 | $2,532.45 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $219.08 | $219.08 | $73.15 |
| Taxes, insurance & HOA | $493.58 | $493.58 | $493.58 |
| Total housing payment | $1,980.25 | $2,760.74 | $3,099.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,740
Closing costs & prepaids$12,670
Usable credit−$0
Total buyer cash needed$54,409
Earnest money paid−$0
Remaining funds due$54,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,075.00
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)$1,030.75
Prepaid interest, first (2 days)$40.94
Prepaid interest, second (2 days)$47.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 2.780%
Interest already paid$45,662Through Nov 2026
Assumption only · ends Mar 2051$138,228
Assumption + second · ends Mar 2051, second Dec 2056$322,202
New conventional · ends Dec 2056$554,626