Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,990/mo
Lowest payment- Down payment
- $107,628
- Funds due
- $118,813
- Interest + MI left
- $138,909
- First ends
- Sep 2051
Assumption
Assumption + second
$2,561/mo
+$571/mo- Down payment
- $36,628
- Funds due
- $49,098
- Interest + MI left
- $273,571
- First ends
- Sep 2051
New loan
New conventional
$2,916/mo
+$926/mo- Down payment
- $36,628
- Funds due
- $45,739
- Interest + MI left
- $499,363
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,272 | $258,272 | $329,272 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,212.91 | $1,212.91 | $2,279.81 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $207.21 | $207.21 | $65.85 |
| Taxes, insurance & HOA | $569.92 | $569.92 | $569.92 |
| Total housing payment | $1,990.03 | $2,561.32 | $2,915.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,628
Closing costs & prepaids$12,469
Usable credit−$0
Total buyer cash needed$49,098
Earnest money paid−$0
Remaining funds due$49,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,659.00
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)$1,259.75
Prepaid interest, first (2 days)$40.62
Prepaid interest, second (2 days)$35.01
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 10 moOf the original 30-year loan at 2.870%
Interest already paid$40,941Through Nov 2026
Assumption only · ends Sep 2051$138,909
Assumption + second · ends Sep 2051, second Dec 2056$273,571
New conventional · ends Dec 2056$499,363