Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,936/mo
Lowest payment- Down payment
- $93,675
- Funds due
- $106,656
- Interest + MI left
- $233,847
- First ends
- Sep 2051
Assumption
Assumption + second
$3,274/mo
+$338/mo- Down payment
- $51,675
- Funds due
- $65,927
- Interest + MI left
- $313,505
- First ends
- Sep 2051
New loan
New conventional
$3,896/mo
+$961/mo- Down payment
- $51,675
- Funds due
- $62,459
- Interest + MI left
- $702,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,325 | $421,325 | $463,325 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,002.61 | $2,002.61 | $3,207.97 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $337.32 | $337.32 | $92.67 |
| Taxes, insurance & HOA | $595.83 | $595.83 | $595.83 |
| Total housing payment | $2,935.76 | $3,273.70 | $3,896.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,675
Closing costs & prepaids$14,252
Usable credit−$0
Total buyer cash needed$65,927
Earnest money paid−$0
Remaining funds due$65,927
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$1,287.50
Prepaid interest, first (2 days)$68.80
Prepaid interest, second (2 days)$20.71
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$69,272Through Nov 2026
Assumption only · ends Sep 2051$233,847
Assumption + second · ends Sep 2051, second Dec 2056$313,505
New conventional · ends Dec 2056$702,664