Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $52,970
- Funds due
- $65,671
- Interest + MI left
- $266,234
- First ends
- Jul 2051
Assumption
Assumption + second
$3,396/mo
+$265/mo- Down payment
- $26,970
- Funds due
- $40,929
- Interest + MI left
- $335,613
- First ends
- Jul 2051
New loan
New conventional
$4,027/mo
+$895/mo- Down payment
- $26,970
- Funds due
- $37,662
- Interest + MI left
- $757,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $472,030 | $472,030 | $498,030 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,273.47 | $2,273.47 | $3,448.26 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $379.05 | $379.05 | $99.61 |
| Taxes, insurance & HOA | $478.67 | $478.67 | $478.67 |
| Total housing payment | $3,131.19 | $3,396.13 | $4,026.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,970
Closing costs & prepaids$13,959
Usable credit−$0
Total buyer cash needed$40,929
Earnest money paid−$0
Remaining funds due$40,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$936.00
Prepaid interest, first (1 days)$39.57
Prepaid interest, second (1 days)$8.46
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$82,404Through Nov 2026
Assumption only · ends Jul 2051$266,234
Assumption + second · ends Jul 2051, second Dec 2056$335,613
New conventional · ends Dec 2056$757,886