Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,304/mo
Lowest payment- Down payment
- $138,314
- Funds due
- $148,335
- Interest + MI left
- $83,653
- First ends
- Apr 2051
Assumption
Assumption + second
$2,096/mo
+$792/mo- Down payment
- $30,314
- Funds due
- $41,608
- Interest + MI left
- $260,941
- First ends
- Apr 2051
New loan
New conventional
$2,332/mo
+$1,028/mo- Down payment
- $30,314
- Funds due
- $38,273
- Interest + MI left
- $408,928
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,676 | $161,676 | $269,676 |
| Second mortgage | — | $108,000 | — |
| First P&I | $761.54 | $761.54 | $1,867.18 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $131.45 | $131.45 | $53.94 |
| Taxes, insurance & HOA | $411.00 | $411.00 | $411.00 |
| Total housing payment | $1,303.98 | $2,096.45 | $2,332.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,314
Closing costs & prepaids$11,294
Usable credit−$0
Total buyer cash needed$41,608
Earnest money paid−$0
Remaining funds due$41,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.90
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)$783.00
Prepaid interest, first (1 days)$12.36
Prepaid interest, second (1 days)$23.67
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 closing24 yr 5 moOf the original 30-year loan at 2.790%
Interest already paid$27,123Through Nov 2026
Assumption only · ends Apr 2051$83,653
Assumption + second · ends Apr 2051, second Dec 2056$260,941
New conventional · ends Dec 2056$408,928