Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,567/mo
Lowest payment- Down payment
- $105,753
- Funds due
- $117,911
- Interest + MI left
- $217,030
- First ends
- Sep 2051
Assumption
Assumption + second
$3,009/mo
+$443/mo- Down payment
- $50,753
- Funds due
- $64,174
- Interest + MI left
- $321,345
- First ends
- Sep 2051
New loan
New conventional
$3,580/mo
+$1,013/mo- Down payment
- $50,753
- Funds due
- $60,662
- Interest + MI left
- $679,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,247 | $393,247 | $448,247 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,865.07 | $1,865.07 | $3,103.57 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $314.96 | $314.96 | $89.65 |
| Taxes, insurance & HOA | $386.92 | $386.92 | $386.92 |
| Total housing payment | $2,566.95 | $3,009.49 | $3,580.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,753
Closing costs & prepaids$13,421
Usable credit−$0
Total buyer cash needed$64,174
Earnest money paid−$0
Remaining funds due$64,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$660.75
Prepaid interest, first (1 days)$31.89
Prepaid interest, second (1 days)$13.56
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 2.960%
Interest already paid$64,234Through Nov 2026
Assumption only · ends Sep 2051$217,030
Assumption + second · ends Sep 2051, second Dec 2056$321,345
New conventional · ends Dec 2056$679,707