Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $97,462
- Funds due
- $107,772
- Interest + MI left
- $157,513
- First ends
- Mar 2051
Assumption
Assumption + second
$2,276/mo
+$475/mo- Down payment
- $38,462
- Funds due
- $50,051
- Interest + MI left
- $269,415
- First ends
- Mar 2051
New loan
New conventional
$2,662/mo
+$861/mo- Down payment
- $38,462
- Funds due
- $46,679
- Interest + MI left
- $517,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,438 | $282,438 | $341,438 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,345.39 | $1,345.39 | $2,364.05 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $226.04 | $226.04 | $68.29 |
| Taxes, insurance & HOA | $229.75 | $229.75 | $229.75 |
| Total housing payment | $1,801.18 | $2,275.91 | $2,662.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,462
Closing costs & prepaids$11,589
Usable credit−$0
Total buyer cash needed$50,051
Earnest money paid−$0
Remaining funds due$50,051
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$239.25
Prepaid interest, first (2 days)$46.43
Prepaid interest, second (2 days)$29.10
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 3.000%
Interest already paid$50,952Through Nov 2026
Assumption only · ends Mar 2051$157,513
Assumption + second · ends Mar 2051, second Dec 2056$269,415
New conventional · ends Dec 2056$517,745