Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $204,566
- Funds due
- $216,307
- Interest + MI left
- $163,933
- First ends
- Sep 2051
Assumption
Assumption + second
$3,010/mo
+$1,130/mo- Down payment
- $50,566
- Funds due
- $63,625
- Interest + MI left
- $416,733
- First ends
- Sep 2051
New loan
New conventional
$3,441/mo
+$1,561/mo- Down payment
- $50,566
- Funds due
- $60,135
- Interest + MI left
- $681,398
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,362 | $295,362 | $449,362 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,403.89 | $1,403.89 | $3,111.29 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $236.47 | $236.47 | $89.87 |
| Taxes, insurance & HOA | $239.42 | $239.42 | $239.42 |
| Total housing payment | $1,879.78 | $3,009.77 | $3,440.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,566
Closing costs & prepaids$13,058
Usable credit−$0
Total buyer cash needed$63,625
Earnest money paid−$0
Remaining funds due$63,625
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.28
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$218.25
Prepaid interest, first (2 days)$48.23
Prepaid interest, second (2 days)$67.51
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 2.980%
Interest already paid$48,562Through Nov 2026
Assumption only · ends Sep 2051$163,933
Assumption + second · ends Sep 2051, second Dec 2056$416,733
New conventional · ends Dec 2056$681,398