Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $128,314
- Funds due
- $138,232
- Interest + MI left
- $83,653
- First ends
- Apr 2051
Assumption
Assumption + second
$2,100/mo
+$797/mo- Down payment
- $29,314
- Funds due
- $40,507
- Interest + MI left
- $271,421
- First ends
- Apr 2051
New loan
New conventional
$2,267/mo
+$964/mo- Down payment
- $29,314
- Funds due
- $37,179
- Interest + MI left
- $395,281
- 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 | $260,676 |
| Second mortgage | — | $99,000 | — |
| First P&I | $761.54 | $761.54 | $1,804.87 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $131.45 | $131.45 | $52.14 |
| Taxes, insurance & HOA | $410.25 | $410.25 | $410.25 |
| Total housing payment | $1,303.23 | $2,099.81 | $2,267.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,314
Closing costs & prepaids$11,192
Usable credit−$0
Total buyer cash needed$40,507
Earnest money paid−$0
Remaining funds due$40,507
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.90
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)$780.75
Prepaid interest, first (1 days)$12.36
Prepaid interest, second (1 days)$24.41
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$271,421
New conventional · ends Dec 2056$395,281