Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,516/mo
Lowest payment- Down payment
- $64,423
- Funds due
- $74,018
- Interest + MI left
- $116,181
- First ends
- Aug 2051
Assumption
Assumption + second
$1,806/mo
+$290/mo- Down payment
- $28,423
- Funds due
- $39,286
- Interest + MI left
- $184,460
- First ends
- Aug 2051
New loan
New conventional
$2,102/mo
+$585/mo- Down payment
- $28,423
- Funds due
- $35,999
- Interest + MI left
- $373,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,577 | $210,577 | $246,577 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,002.08 | $1,002.08 | $1,707.25 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $169.01 | $169.01 | $49.32 |
| Taxes, insurance & HOA | $345.17 | $345.17 | $345.17 |
| Total housing payment | $1,516.26 | $1,805.92 | $2,101.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,423
Closing costs & prepaids$10,863
Usable credit−$0
Total buyer cash needed$39,286
Earnest money paid−$0
Remaining funds due$39,286
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)$585.50
Prepaid interest, first (2 days)$34.27
Prepaid interest, second (2 days)$17.75
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 closing24 yr 9 moOf the original 30-year loan at 2.970%
Interest already paid$35,110Through Nov 2026
Assumption only · ends Aug 2051$116,181
Assumption + second · ends Aug 2051, second Dec 2056$184,460
New conventional · ends Dec 2056$373,852