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
- $66,541
- Funds due
- $75,579
- Interest + MI left
- $102,685
- First ends
- Apr 2051
Assumption
Assumption + second
$1,612/mo
+$322/mo- Down payment
- $26,541
- Funds due
- $36,848
- Interest + MI left
- $178,551
- First ends
- Apr 2051
New loan
New conventional
$1,893/mo
+$603/mo- Down payment
- $26,541
- Funds due
- $33,580
- Interest + MI left
- $361,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,459 | $198,459 | $238,459 |
| Second mortgage | — | $40,000 | — |
| First P&I | $934.79 | $934.79 | $1,651.04 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $161.36 | $161.36 | $47.69 |
| Taxes, insurance & HOA | $194.17 | $194.17 | $194.17 |
| Total housing payment | $1,290.32 | $1,612.17 | $1,892.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,541
Closing costs & prepaids$10,308
Usable credit−$0
Total buyer cash needed$36,848
Earnest money paid−$0
Remaining funds due$36,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$132.50
Prepaid interest, first (2 days)$30.34
Prepaid interest, second (2 days)$19.73
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$33,293Through Nov 2026
Assumption only · ends Apr 2051$102,685
Assumption + second · ends Apr 2051, second Dec 2056$178,551
New conventional · ends Dec 2056$361,639