Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,967/mo
Lowest payment- Down payment
- $85,618
- Funds due
- $96,244
- Interest + MI left
- $162,467
- First ends
- Sep 2051
Assumption
Assumption + second
$2,345/mo
+$378/mo- Down payment
- $38,618
- Funds due
- $50,518
- Interest + MI left
- $251,609
- First ends
- Sep 2051
New loan
New conventional
$2,767/mo
+$800/mo- Down payment
- $38,618
- Funds due
- $47,149
- Interest + MI left
- $517,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,381 | $294,381 | $341,381 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,396.18 | $1,396.18 | $2,363.65 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $235.78 | $235.78 | $68.28 |
| Taxes, insurance & HOA | $334.67 | $334.67 | $334.67 |
| Total housing payment | $1,966.62 | $2,344.79 | $2,766.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,618
Closing costs & prepaids$11,900
Usable credit−$0
Total buyer cash needed$50,518
Earnest money paid−$0
Remaining funds due$50,518
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$554.00
Prepaid interest, first (2 days)$47.75
Prepaid interest, second (2 days)$23.18
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 10 moOf the original 30-year loan at 2.960%
Interest already paid$48,085Through Nov 2026
Assumption only · ends Sep 2051$162,467
Assumption + second · ends Sep 2051, second Dec 2056$251,609
New conventional · ends Dec 2056$517,659