Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,907/mo
Lowest payment- Down payment
- $101,622
- Funds due
- $112,448
- Interest + MI left
- $139,290
- First ends
- Jun 2051
Assumption
Assumption + second
$2,438/mo
+$531/mo- Down payment
- $35,622
- Funds due
- $47,714
- Interest + MI left
- $264,468
- First ends
- Jun 2051
New loan
New conventional
$2,742/mo
+$835/mo- Down payment
- $35,622
- Funds due
- $44,335
- Interest + MI left
- $473,680
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,378 | $246,378 | $312,378 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,191.91 | $1,191.91 | $2,162.84 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $198.22 | $198.22 | $62.48 |
| Taxes, insurance & HOA | $516.83 | $516.83 | $516.83 |
| Total housing payment | $1,906.96 | $2,438.01 | $2,742.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,622
Closing costs & prepaids$12,093
Usable credit−$0
Total buyer cash needed$47,714
Earnest money paid−$0
Remaining funds due$47,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,480.00
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)$1,100.50
Prepaid interest, first (1 days)$20.79
Prepaid interest, second (1 days)$16.27
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 7 moOf the original 30-year loan at 3.080%
Interest already paid$44,016Through Nov 2026
Assumption only · ends Jun 2051$139,290
Assumption + second · ends Jun 2051, second Dec 2056$264,468
New conventional · ends Dec 2056$473,680