Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,290/mo
Lowest payment- Down payment
- $105,383
- Funds due
- $115,010
- Interest + MI left
- $90,567
- First ends
- Aug 2051
Assumption
Assumption + second
$1,917/mo
+$628/mo- Down payment
- $27,383
- Funds due
- $38,298
- Interest + MI left
- $238,505
- First ends
- Aug 2051
New loan
New conventional
$2,103/mo
+$814/mo- Down payment
- $27,383
- Funds due
- $35,008
- Interest + MI left
- $367,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,617 | $164,617 | $242,617 |
| Second mortgage | — | $78,000 | — |
| First P&I | $782.52 | $782.52 | $1,679.83 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $132.15 | $132.15 | $48.52 |
| Taxes, insurance & HOA | $375.00 | $375.00 | $375.00 |
| Total housing payment | $1,289.66 | $1,917.27 | $2,103.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,383
Closing costs & prepaids$10,915
Usable credit−$0
Total buyer cash needed$38,298
Earnest money paid−$0
Remaining funds due$38,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$675.00
Prepaid interest, first (2 days)$26.70
Prepaid interest, second (2 days)$38.47
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$27,357Through Nov 2026
Assumption only · ends Aug 2051$90,567
Assumption + second · ends Aug 2051, second Dec 2056$238,505
New conventional · ends Dec 2056$367,896