Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $57,001
- Funds due
- $67,145
- Interest + MI left
- $124,030
- First ends
- Aug 2051
Assumption
Assumption + second
$1,991/mo
+$233/mo- Down payment
- $28,001
- Funds due
- $39,402
- Interest + MI left
- $179,033
- First ends
- Aug 2051
New loan
New conventional
$2,293/mo
+$535/mo- Down payment
- $28,001
- Funds due
- $36,097
- Interest + MI left
- $374,541
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,999 | $217,999 | $246,999 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,049.87 | $1,049.87 | $1,710.17 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $174.60 | $174.60 | $49.40 |
| Taxes, insurance & HOA | $533.67 | $533.67 | $533.67 |
| Total housing payment | $1,758.14 | $1,991.48 | $2,293.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,001
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$39,402
Earnest money paid−$0
Remaining funds due$39,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$1,151.00
Prepaid interest, first (1 days)$18.40
Prepaid interest, second (1 days)$7.15
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 9 moOf the original 30-year loan at 3.080%
Interest already paid$37,652Through Nov 2026
Assumption only · ends Aug 2051$124,030
Assumption + second · ends Aug 2051, second Dec 2056$179,033
New conventional · ends Dec 2056$374,541