Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,420/mo
Lowest payment- Down payment
- $135,481
- Funds due
- $145,535
- Interest + MI left
- $112,533
- First ends
- Jul 2051
Assumption
Assumption + second
$2,161/mo
+$741/mo- Down payment
- $34,481
- Funds due
- $45,830
- Interest + MI left
- $278,330
- First ends
- Jul 2051
New loan
New conventional
$2,440/mo
+$1,020/mo- Down payment
- $34,481
- Funds due
- $42,479
- Interest + MI left
- $455,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,519 | $199,519 | $300,519 |
| Second mortgage | — | $101,000 | — |
| First P&I | $960.96 | $960.96 | $2,080.73 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $160.22 | $160.22 | $60.10 |
| Taxes, insurance & HOA | $298.75 | $298.75 | $298.75 |
| Total housing payment | $1,419.93 | $2,161.03 | $2,439.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,481
Closing costs & prepaids$11,349
Usable credit−$0
Total buyer cash needed$45,830
Earnest money paid−$0
Remaining funds due$45,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$446.25
Prepaid interest, first (2 days)$33.45
Prepaid interest, second (2 days)$44.27
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$34,831Through Nov 2026
Assumption only · ends Jul 2051$112,533
Assumption + second · ends Jul 2051, second Dec 2056$278,330
New conventional · ends Dec 2056$455,637