Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
Lowest payment- Down payment
- $145,420
- Funds due
- $158,547
- Interest + MI left
- $205,386
- First ends
- Jun 2051
Assumption
Assumption + second
$3,478/mo
+$764/mo- Down payment
- $50,420
- Funds due
- $64,843
- Interest + MI left
- $385,567
- First ends
- Jun 2051
New loan
New conventional
$3,899/mo
+$1,186/mo- Down payment
- $50,420
- Funds due
- $61,363
- Interest + MI left
- $681,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,480 | $354,480 | $449,480 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,731.55 | $1,731.55 | $3,112.11 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $284.69 | $284.69 | $89.90 |
| Taxes, insurance & HOA | $696.92 | $696.92 | $696.92 |
| Total housing payment | $2,713.15 | $3,477.54 | $3,898.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,420
Closing costs & prepaids$14,423
Usable credit−$0
Total buyer cash needed$64,843
Earnest money paid−$0
Remaining funds due$64,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,590.75
Prepaid interest, first (2 days)$61.57
Prepaid interest, second (2 days)$46.85
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 7 moOf the original 30-year loan at 3.170%
Interest already paid$65,118Through Nov 2026
Assumption only · ends Jun 2051$205,386
Assumption + second · ends Jun 2051, second Dec 2056$385,567
New conventional · ends Dec 2056$681,667