Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $160,097
- Funds due
- $171,178
- Interest + MI left
- $126,396
- First ends
- Dec 2051
Assumption
Assumption + second
$2,610/mo
+$888/mo- Down payment
- $39,097
- Funds due
- $51,455
- Interest + MI left
- $325,024
- First ends
- Dec 2051
New loan
New conventional
$2,951/mo
+$1,229/mo- Down payment
- $39,097
- Funds due
- $48,039
- Interest + MI left
- $527,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,903 | $226,903 | $347,903 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,068.88 | $1,068.88 | $2,408.81 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $180.50 | $180.50 | $69.58 |
| Taxes, insurance & HOA | $472.50 | $472.50 | $472.50 |
| Total housing payment | $1,721.88 | $2,609.74 | $2,950.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,097
Closing costs & prepaids$12,357
Usable credit−$0
Total buyer cash needed$51,455
Earnest money paid−$0
Remaining funds due$51,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$967.50
Prepaid interest, first (1 days)$18.40
Prepaid interest, second (1 days)$26.52
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 closing25 yr 1 moOf the original 30-year loan at 2.960%
Interest already paid$35,138Through Nov 2026
Assumption only · ends Dec 2051$126,396
Assumption + second · ends Dec 2051, second Dec 2056$325,024
New conventional · ends Dec 2056$527,549