Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $180,325
- Funds due
- $192,206
- Interest + MI left
- $147,817
- First ends
- Aug 2051
Assumption
Assumption + second
$3,008/mo
+$991/mo- Down payment
- $45,325
- Funds due
- $58,515
- Interest + MI left
- $369,426
- First ends
- Aug 2051
New loan
New conventional
$3,400/mo
+$1,383/mo- Down payment
- $45,325
- Funds due
- $55,073
- Interest + MI left
- $612,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,675 | $268,675 | $403,675 |
| Second mortgage | — | $135,000 | — |
| First P&I | $1,277.17 | $1,277.17 | $2,794.96 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $215.68 | $215.68 | $80.74 |
| Taxes, insurance & HOA | $524.17 | $524.17 | $524.17 |
| Total housing payment | $2,017.01 | $3,007.59 | $3,399.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,325
Closing costs & prepaids$13,190
Usable credit−$0
Total buyer cash needed$58,515
Earnest money paid−$0
Remaining funds due$58,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,122.50
Prepaid interest, first (2 days)$43.58
Prepaid interest, second (2 days)$59.18
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$44,651Through Nov 2026
Assumption only · ends Aug 2051$147,817
Assumption + second · ends Aug 2051, second Dec 2056$369,426
New conventional · ends Dec 2056$612,200