Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $99,125
- Funds due
- $108,863
- Interest + MI left
- $128,321
- First ends
- Jun 2051
Assumption
Assumption + second
$2,038/mo
+$539/mo- Down payment
- $32,125
- Funds due
- $43,146
- Interest + MI left
- $255,396
- First ends
- Jun 2051
New loan
New conventional
$2,292/mo
+$793/mo- Down payment
- $32,125
- Funds due
- $39,819
- Interest + MI left
- $436,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,875 | $220,875 | $287,875 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,080.08 | $1,080.08 | $1,993.19 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $177.35 | $177.35 | $57.57 |
| Taxes, insurance & HOA | $241.33 | $241.33 | $241.33 |
| Total housing payment | $1,498.76 | $2,037.86 | $2,292.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,125
Closing costs & prepaids$11,021
Usable credit−$0
Total buyer cash needed$43,146
Earnest money paid−$0
Remaining funds due$43,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$274.00
Prepaid interest, first (2 days)$38.49
Prepaid interest, second (2 days)$33.04
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 7 moOf the original 30-year loan at 3.180%
Interest already paid$40,699Through Nov 2026
Assumption only · ends Jun 2051$128,321
Assumption + second · ends Jun 2051, second Dec 2056$255,396
New conventional · ends Dec 2056$436,582