Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,303/mo
Lowest payment- Down payment
- $146,558
- Funds due
- $158,715
- Interest + MI left
- $185,069
- First ends
- Sep 2051
Assumption
Assumption + second
$3,092/mo
+$789/mo- Down payment
- $48,558
- Funds due
- $61,989
- Interest + MI left
- $370,940
- First ends
- Sep 2051
New loan
New conventional
$3,525/mo
+$1,222/mo- Down payment
- $48,558
- Funds due
- $58,490
- Interest + MI left
- $654,225
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,442 | $333,442 | $431,442 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,584.89 | $1,584.89 | $2,987.22 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $266.96 | $266.96 | $86.29 |
| Taxes, insurance & HOA | $451.58 | $451.58 | $451.58 |
| Total housing payment | $2,303.43 | $3,091.96 | $3,525.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,558
Closing costs & prepaids$13,431
Usable credit−$0
Total buyer cash needed$61,989
Earnest money paid−$0
Remaining funds due$61,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$854.75
Prepaid interest, first (1 days)$27.22
Prepaid interest, second (1 days)$24.16
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$54,823Through Nov 2026
Assumption only · ends Sep 2051$185,069
Assumption + second · ends Sep 2051, second Dec 2056$370,940
New conventional · ends Dec 2056$654,225