Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $53,135
- Funds due
- $63,357
- Interest + MI left
- $172,617
- First ends
- Dec 2051
Assumption
Assumption + second
$2,315/mo
+$357/mo- Down payment
- $18,135
- Funds due
- $29,630
- Interest + MI left
- $266,011
- First ends
- Dec 2051
New loan
New conventional
$2,683/mo
+$724/mo- Down payment
- $18,135
- Funds due
- $26,462
- Interest + MI left
- $513,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,115 | $302,115 | $337,115 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,437.34 | $1,437.34 | $2,334.12 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $239.95 | $239.95 | $67.42 |
| Taxes, insurance & HOA | $281.33 | $281.33 | $281.33 |
| Total housing payment | $1,958.62 | $2,315.27 | $2,682.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,135
Closing costs & prepaids$11,495
Usable credit−$0
Total buyer cash needed$29,630
Earnest money paid−$0
Remaining funds due$29,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,552.50
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)$394.00
Prepaid interest, first (2 days)$50.49
Prepaid interest, second (2 days)$22.77
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 closing25 yr 1 moOf the original 30-year loan at 3.050%
Interest already paid$48,167Through Nov 2026
Assumption only · ends Dec 2051$172,617
Assumption + second · ends Dec 2051, second Dec 2056$266,011
New conventional · ends Dec 2056$513,011