Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $75,188
- Funds due
- $84,975
- Interest + MI left
- $129,381
- First ends
- Oct 2051
Assumption
Assumption + second
$1,936/mo
+$346/mo- Down payment
- $32,188
- Funds due
- $43,246
- Interest + MI left
- $210,937
- First ends
- Oct 2051
New loan
New conventional
$2,289/mo
+$699/mo- Down payment
- $32,188
- Funds due
- $39,930
- Interest + MI left
- $428,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,812 | $239,812 | $282,812 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,123.63 | $1,123.63 | $1,958.13 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $191.96 | $191.96 | $56.56 |
| Taxes, insurance & HOA | $274.75 | $274.75 | $274.75 |
| Total housing payment | $1,590.34 | $1,936.33 | $2,289.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,188
Closing costs & prepaids$11,058
Usable credit−$0
Total buyer cash needed$43,246
Earnest money paid−$0
Remaining funds due$43,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$374.25
Prepaid interest, first (2 days)$37.71
Prepaid interest, second (2 days)$21.21
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$37,354Through Nov 2026
Assumption only · ends Oct 2051$129,381
Assumption + second · ends Oct 2051, second Dec 2056$210,937
New conventional · ends Dec 2056$428,847