Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $153,503
- Funds due
- $163,409
- Interest + MI left
- $103,835
- First ends
- Oct 2051
Assumption
Assumption + second
$2,145/mo
+$873/mo- Down payment
- $34,503
- Funds due
- $45,685
- Interest + MI left
- $299,180
- First ends
- Oct 2051
New loan
New conventional
$2,415/mo
+$1,143/mo- Down payment
- $34,503
- Funds due
- $42,310
- Interest + MI left
- $463,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,497 | $186,497 | $305,497 |
| Second mortgage | — | $119,000 | — |
| First P&I | $884.44 | $884.44 | $2,115.20 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $148.97 | $148.97 | $61.10 |
| Taxes, insurance & HOA | $238.33 | $238.33 | $238.33 |
| Total housing payment | $1,271.75 | $2,144.93 | $2,414.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,503
Closing costs & prepaids$11,181
Usable credit−$0
Total buyer cash needed$45,685
Earnest money paid−$0
Remaining funds due$45,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$265.00
Prepaid interest, first (1 days)$15.23
Prepaid interest, second (1 days)$26.08
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 11 moOf the original 30-year loan at 2.980%
Interest already paid$30,130Through Nov 2026
Assumption only · ends Oct 2051$103,835
Assumption + second · ends Oct 2051, second Dec 2056$299,180
New conventional · ends Dec 2056$463,246