Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,007/mo
Lowest payment- Down payment
- $205,237
- Funds due
- $217,528
- Interest + MI left
- $163,049
- First ends
- Sep 2051
Assumption
Assumption + second
$3,144/mo
+$1,137/mo- Down payment
- $50,237
- Funds due
- $64,083
- Interest + MI left
- $417,490
- First ends
- Sep 2051
New loan
New conventional
$3,503/mo
+$1,496/mo- Down payment
- $50,237
- Funds due
- $60,805
- Interest + MI left
- $657,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,691 | $294,691 | $449,691 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,403.89 | $1,403.89 | $3,046.36 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $236.47 | $236.47 | $89.94 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,007.03 | $3,144.36 | $3,502.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,237
Closing costs & prepaids$13,847
Usable credit−$0
Total buyer cash needed$64,083
Earnest money paid−$0
Remaining funds due$64,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.28
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)$600.00
Prepaid interest, first (9 days)$216.54
Prepaid interest, second (9 days)$305.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.98%
Interest already paid$49,295Through Dec 2026
Assumption only · ends Sep 2051$163,049
Assumption + second · ends Sep 2051, second Jan 2057$417,490
New conventional · ends Jan 2057$657,523