Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,060/mo
Lowest payment- Down payment
- $66,176
- Funds due
- $76,944
- Interest + MI left
- $153,878
- First ends
- Jul 2051
Assumption
Assumption + second
$2,317/mo
+$257/mo- Down payment
- $34,176
- Funds due
- $46,202
- Interest + MI left
- $214,571
- First ends
- Jul 2051
New loan
New conventional
$2,698/mo
+$638/mo- Down payment
- $34,176
- Funds due
- $42,841
- Interest + MI left
- $462,286
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,824 | $272,824 | $304,824 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,314.03 | $1,314.03 | $2,110.54 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $219.08 | $219.08 | $60.96 |
| Taxes, insurance & HOA | $526.75 | $526.75 | $526.75 |
| Total housing payment | $2,059.86 | $2,317.34 | $2,698.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,176
Closing costs & prepaids$12,026
Usable credit−$0
Total buyer cash needed$46,202
Earnest money paid−$0
Remaining funds due$46,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,130.25
Prepaid interest, first (1 days)$22.87
Prepaid interest, second (1 days)$7.89
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$47,628Through Nov 2026
Assumption only · ends Jul 2051$153,878
Assumption + second · ends Jul 2051, second Dec 2056$214,571
New conventional · ends Dec 2056$462,286