Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $139,883
- Funds due
- $151,277
- Interest + MI left
- $150,346
- First ends
- Sep 2051
Assumption
Assumption + second
$2,782/mo
+$789/mo- Down payment
- $41,883
- Funds due
- $54,575
- Interest + MI left
- $336,217
- First ends
- Sep 2051
New loan
New conventional
$3,114/mo
+$1,121/mo- Down payment
- $41,883
- Funds due
- $51,163
- Interest + MI left
- $558,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,117 | $270,117 | $368,117 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,285.30 | $1,285.30 | $2,548.77 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $216.22 | $216.22 | $73.62 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $1,993.19 | $2,781.72 | $3,114.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,883
Closing costs & prepaids$12,693
Usable credit−$0
Total buyer cash needed$54,575
Earnest money paid−$0
Remaining funds due$54,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,025.00
Prepaid interest, first (2 days)$44.25
Prepaid interest, second (2 days)$48.33
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 10 moOf the original 30-year loan at 2.990%
Interest already paid$44,556Through Nov 2026
Assumption only · ends Sep 2051$150,346
Assumption + second · ends Sep 2051, second Dec 2056$336,217
New conventional · ends Dec 2056$558,201