Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $182,276
- Funds due
- $192,541
- Interest + MI left
- $111,521
- First ends
- Jul 2051
Assumption
Assumption + second
$2,392/mo
+$1,057/mo- Down payment
- $38,276
- Funds due
- $49,822
- Interest + MI left
- $347,904
- First ends
- Jul 2051
New loan
New conventional
$2,659/mo
+$1,323/mo- Down payment
- $38,276
- Funds due
- $46,411
- Interest + MI left
- $518,247
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,724 | $197,724 | $341,724 |
| Second mortgage | — | $144,000 | — |
| First P&I | $952.32 | $952.32 | $2,366.03 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $158.78 | $158.78 | $68.34 |
| Taxes, insurance & HOA | $224.58 | $224.58 | $224.58 |
| Total housing payment | $1,335.68 | $2,392.30 | $2,658.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,276
Closing costs & prepaids$11,547
Usable credit−$0
Total buyer cash needed$49,822
Earnest money paid−$0
Remaining funds due$49,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$223.75
Prepaid interest, first (1 days)$16.58
Prepaid interest, second (1 days)$31.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 3.060%
Interest already paid$34,518Through Nov 2026
Assumption only · ends Jul 2051$111,521
Assumption + second · ends Jul 2051, second Dec 2056$347,904
New conventional · ends Dec 2056$518,247