Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,499/mo
Lowest payment- Down payment
- $81,560
- Funds due
- $91,099
- Interest + MI left
- $128,393
- First ends
- Jul 2051
Assumption
Assumption + second
$1,902/mo
+$402/mo- Down payment
- $31,560
- Funds due
- $42,361
- Interest + MI left
- $223,225
- First ends
- Jul 2051
New loan
New conventional
$2,217/mo
+$718/mo- Down payment
- $31,560
- Funds due
- $39,022
- Interest + MI left
- $429,856
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,440 | $233,440 | $283,440 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,113.43 | $1,113.43 | $1,962.48 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $187.79 | $187.79 | $56.69 |
| Taxes, insurance & HOA | $198.25 | $198.25 | $198.25 |
| Total housing payment | $1,499.46 | $1,901.77 | $2,217.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,560
Closing costs & prepaids$10,801
Usable credit−$0
Total buyer cash needed$42,361
Earnest money paid−$0
Remaining funds due$42,361
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)$144.75
Prepaid interest, first (1 days)$18.99
Prepaid interest, second (1 days)$12.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.970%
Interest already paid$39,590Through Nov 2026
Assumption only · ends Jul 2051$128,393
Assumption + second · ends Jul 2051, second Dec 2056$223,225
New conventional · ends Dec 2056$429,856