Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $100,685
- Funds due
- $110,905
- Interest + MI left
- $145,729
- First ends
- Jul 2051
Assumption
Assumption + second
$2,240/mo
+$515/mo- Down payment
- $36,685
- Funds due
- $48,187
- Interest + MI left
- $267,114
- First ends
- Jul 2051
New loan
New conventional
$2,589/mo
+$864/mo- Down payment
- $36,685
- Funds due
- $44,828
- Interest + MI left
- $497,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,215 | $264,215 | $328,215 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,261.58 | $1,261.58 | $2,272.49 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $212.50 | $212.50 | $65.64 |
| Taxes, insurance & HOA | $250.92 | $250.92 | $250.92 |
| Total housing payment | $1,725.00 | $2,239.95 | $2,589.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,685
Closing costs & prepaids$11,501
Usable credit−$0
Total buyer cash needed$48,187
Earnest money paid−$0
Remaining funds due$48,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$302.75
Prepaid interest, first (2 days)$43.14
Prepaid interest, second (2 days)$31.56
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 8 moOf the original 30-year loan at 2.980%
Interest already paid$44,956Through Nov 2026
Assumption only · ends Jul 2051$145,729
Assumption + second · ends Jul 2051, second Dec 2056$267,114
New conventional · ends Dec 2056$497,760