Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$953/mo
Lowest payment- Down payment
- $180,012
- Funds due
- $189,596
- Interest + MI left
- $71,237
- First ends
- Jul 2051
Assumption
Assumption + second
$2,046/mo
+$1,093/mo- Down payment
- $31,012
- Funds due
- $41,911
- Interest + MI left
- $315,828
- First ends
- Jul 2051
New loan
New conventional
$2,216/mo
+$1,263/mo- Down payment
- $31,012
- Funds due
- $38,578
- Interest + MI left
- $422,952
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,888 | $129,888 | $278,888 |
| Second mortgage | — | $149,000 | — |
| First P&I | $618.85 | $618.85 | $1,930.96 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | $104.51 | $104.51 | $55.78 |
| Taxes, insurance & HOA | $229.75 | $229.75 | $229.75 |
| Total housing payment | $953.10 | $2,046.41 | $2,216.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,012
Closing costs & prepaids$10,900
Usable credit−$0
Total buyer cash needed$41,911
Earnest money paid−$0
Remaining funds due$41,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$239.25
Prepaid interest, first (2 days)$21.07
Prepaid interest, second (2 days)$65.32
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$21,957Through Nov 2026
Assumption only · ends Jul 2051$71,237
Assumption + second · ends Jul 2051, second Dec 2056$315,828
New conventional · ends Dec 2056$422,952