Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,439/mo
Lowest payment- Down payment
- $83,963
- Funds due
- $93,484
- Interest + MI left
- $110,191
- First ends
- Feb 2051
Assumption
Assumption + second
$1,873/mo
+$434/mo- Down payment
- $29,963
- Funds due
- $40,747
- Interest + MI left
- $212,610
- First ends
- Feb 2051
New loan
New conventional
$2,165/mo
+$726/mo- Down payment
- $29,963
- Funds due
- $37,422
- Interest + MI left
- $408,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,537 | $215,537 | $269,537 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,017.91 | $1,017.91 | $1,866.22 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $176.16 | $176.16 | $53.91 |
| Taxes, insurance & HOA | $244.67 | $244.67 | $244.67 |
| Total housing payment | $1,438.73 | $1,873.23 | $2,164.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,963
Closing costs & prepaids$10,784
Usable credit−$0
Total buyer cash needed$40,747
Earnest money paid−$0
Remaining funds due$40,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,995.00
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)$284.00
Prepaid interest, first (1 days)$16.36
Prepaid interest, second (1 days)$13.32
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$37,078Through Nov 2026
Assumption only · ends Feb 2051$110,191
Assumption + second · ends Feb 2051, second Dec 2056$212,610
New conventional · ends Dec 2056$408,771