Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,292/mo
Lowest payment- Down payment
- $139,359
- Funds due
- $149,168
- Interest + MI left
- $104,146
- First ends
- Sep 2051
Assumption
Assumption + second
$2,070/mo
+$778/mo- Down payment
- $33,359
- Funds due
- $44,441
- Interest + MI left
- $278,150
- First ends
- Sep 2051
New loan
New conventional
$2,342/mo
+$1,050/mo- Down payment
- $33,359
- Funds due
- $41,079
- Interest + MI left
- $445,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,641 | $187,641 | $293,641 |
| Second mortgage | — | $106,000 | — |
| First P&I | $891.88 | $891.88 | $2,033.11 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $150.23 | $150.23 | $58.73 |
| Taxes, insurance & HOA | $249.75 | $249.75 | $249.75 |
| Total housing payment | $1,291.86 | $2,069.65 | $2,341.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,359
Closing costs & prepaids$11,083
Usable credit−$0
Total buyer cash needed$44,441
Earnest money paid−$0
Remaining funds due$44,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,270.00
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)$299.25
Prepaid interest, first (1 days)$15.32
Prepaid interest, second (1 days)$23.23
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$30,851Through Nov 2026
Assumption only · ends Sep 2051$104,146
Assumption + second · ends Sep 2051, second Dec 2056$278,150
New conventional · ends Dec 2056$445,268