Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,239/mo
Lowest payment- Down payment
- $124,495
- Funds due
- $136,230
- Interest + MI left
- $156,976
- First ends
- Mar 2051
Assumption
Assumption + second
$2,883/mo
+$644/mo- Down payment
- $44,495
- Funds due
- $57,500
- Interest + MI left
- $308,708
- First ends
- Mar 2051
New loan
New conventional
$3,325/mo
+$1,086/mo- Down payment
- $44,495
- Funds due
- $54,041
- Interest + MI left
- $598,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,405 | $314,405 | $394,405 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,466.86 | $1,466.86 | $2,730.78 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $256.84 | $256.84 | $78.88 |
| Taxes, insurance & HOA | $515.75 | $515.75 | $515.75 |
| Total housing payment | $2,239.45 | $2,883.15 | $3,325.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,495
Closing costs & prepaids$13,004
Usable credit−$0
Total buyer cash needed$57,500
Earnest money paid−$0
Remaining funds due$57,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,389.00
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)$1,097.25
Prepaid interest, first (1 days)$23.09
Prepaid interest, second (1 days)$19.73
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$51,553Through Nov 2026
Assumption only · ends Mar 2051$156,976
Assumption + second · ends Mar 2051, second Dec 2056$308,708
New conventional · ends Dec 2056$598,063