Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,393/mo
Lowest payment- Down payment
- $120,834
- Funds due
- $130,629
- Interest + MI left
- $107,566
- First ends
- Feb 2051
Assumption
Assumption + second
$2,093/mo
+$700/mo- Down payment
- $33,834
- Funds due
- $44,922
- Interest + MI left
- $272,574
- First ends
- Feb 2051
New loan
New conventional
$2,358/mo
+$965/mo- Down payment
- $33,834
- Funds due
- $41,581
- Interest + MI left
- $456,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,166 | $214,166 | $301,166 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,004.90 | $1,004.90 | $2,085.21 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $175.27 | $175.27 | $60.23 |
| Taxes, insurance & HOA | $212.75 | $212.75 | $212.75 |
| Total housing payment | $1,392.91 | $2,092.93 | $2,358.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,834
Closing costs & prepaids$11,088
Usable credit−$0
Total buyer cash needed$44,922
Earnest money paid−$0
Remaining funds due$44,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$188.25
Prepaid interest, first (2 days)$31.80
Prepaid interest, second (2 days)$42.90
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 3 moOf the original 30-year loan at 2.710%
Interest already paid$36,069Through Nov 2026
Assumption only · ends Feb 2051$107,566
Assumption + second · ends Feb 2051, second Dec 2056$272,574
New conventional · ends Dec 2056$456,678