Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $111,671
- Funds due
- $121,198
- Interest + MI left
- $98,725
- First ends
- Mar 2051
Assumption
Assumption + second
$1,938/mo
+$644/mo- Down payment
- $31,671
- Funds due
- $42,488
- Interest + MI left
- $250,456
- First ends
- Mar 2051
New loan
New conventional
$2,190/mo
+$896/mo- Down payment
- $31,671
- Funds due
- $39,165
- Interest + MI left
- $422,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,329 | $198,329 | $278,329 |
| Second mortgage | — | $80,000 | — |
| First P&I | $924.30 | $924.30 | $1,927.09 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $162.05 | $162.05 | $55.67 |
| Taxes, insurance & HOA | $207.67 | $207.67 | $207.67 |
| Total housing payment | $1,294.02 | $1,937.72 | $2,190.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,671
Closing costs & prepaids$10,816
Usable credit−$0
Total buyer cash needed$42,488
Earnest money paid−$0
Remaining funds due$42,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$173.00
Prepaid interest, first (2 days)$29.02
Prepaid interest, second (2 days)$39.45
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$32,403Through Nov 2026
Assumption only · ends Mar 2051$98,725
Assumption + second · ends Mar 2051, second Dec 2056$250,456
New conventional · ends Dec 2056$422,049