Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,456/mo
Lowest payment- Down payment
- $96,843
- Funds due
- $108,992
- Interest + MI left
- $167,304
- First ends
- Sep 2051
Assumption
Assumption + second
$2,906/mo
+$451/mo- Down payment
- $40,843
- Funds due
- $54,270
- Interest + MI left
- $273,516
- First ends
- Sep 2051
New loan
New conventional
$3,333/mo
+$878/mo- Down payment
- $40,843
- Funds due
- $50,880
- Interest + MI left
- $544,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,147 | $303,147 | $359,147 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,437.75 | $1,437.75 | $2,486.66 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $242.80 | $242.80 | $71.83 |
| Taxes, insurance & HOA | $775.00 | $775.00 | $775.00 |
| Total housing payment | $2,455.54 | $2,906.13 | $3,333.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,843
Closing costs & prepaids$13,427
Usable credit−$0
Total buyer cash needed$54,270
Earnest money paid−$0
Remaining funds due$54,270
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,875.00
Prepaid interest, first (2 days)$49.17
Prepaid interest, second (2 days)$27.62
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 2.960%
Interest already paid$49,517Through Nov 2026
Assumption only · ends Sep 2051$167,304
Assumption + second · ends Sep 2051, second Dec 2056$273,516
New conventional · ends Dec 2056$544,599