Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,726/mo
Lowest payment- Down payment
- $43,818
- Funds due
- $53,757
- Interest + MI left
- $121,425
- First ends
- Jul 2051
Assumption
Assumption + second
$2,042/mo
+$316/mo- Down payment
- $12,818
- Funds due
- $24,017
- Interest + MI left
- $204,145
- First ends
- Jul 2051
New loan
New conventional
$2,257/mo
+$531/mo- Down payment
- $12,818
- Funds due
- $20,860
- Interest + MI left
- $368,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,182 | $211,182 | $242,182 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,024.85 | $1,024.85 | $1,676.82 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $169.35 | $169.35 | $48.44 |
| Taxes, insurance & HOA | $532.08 | $532.08 | $532.08 |
| Total housing payment | $1,726.29 | $2,042.18 | $2,257.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,818
Closing costs & prepaids$11,199
Usable credit−$0
Total buyer cash needed$24,017
Earnest money paid−$0
Remaining funds due$24,017
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$1,146.25
Prepaid interest, first (1 days)$18.11
Prepaid interest, second (1 days)$10.09
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 3.130%
Interest already paid$37,684Through Nov 2026
Assumption only · ends Jul 2051$121,425
Assumption + second · ends Jul 2051, second Dec 2056$204,145
New conventional · ends Dec 2056$368,593