Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$825/mo
Lowest payment- Down payment
- $116,585
- Funds due
- $125,406
- Interest + MI left
- $45,093
- First ends
- Jan 2051
Assumption
Assumption + second
$1,581/mo
+$756/mo- Down payment
- $22,585
- Funds due
- $32,703
- Interest + MI left
- $223,377
- First ends
- Jan 2051
New loan
New conventional
$1,669/mo
+$844/mo- Down payment
- $22,585
- Funds due
- $29,446
- Interest + MI left
- $293,211
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,415 | $99,415 | $193,415 |
| Second mortgage | — | $94,000 | — |
| First P&I | $451.62 | $451.62 | $1,339.17 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $82.15 | $82.15 | $38.68 |
| Taxes, insurance & HOA | $291.08 | $291.08 | $291.08 |
| Total housing payment | $824.85 | $1,581.20 | $1,668.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,585
Closing costs & prepaids$10,118
Usable credit−$0
Total buyer cash needed$32,703
Earnest money paid−$0
Remaining funds due$32,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,160.00
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)$423.25
Prepaid interest, first (2 days)$13.02
Prepaid interest, second (2 days)$46.36
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 2 moOf the original 30-year loan at 2.390%
Interest already paid$15,057Through Nov 2026
Assumption only · ends Jan 2051$45,093
Assumption + second · ends Jan 2051, second Dec 2056$223,377
New conventional · ends Dec 2056$293,211