Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,530/mo
Lowest payment- Down payment
- $151,850
- Funds due
- $162,491
- Interest + MI left
- $96,795
- First ends
- Feb 2051
Assumption
Assumption + second
$2,389/mo
+$859/mo- Down payment
- $34,850
- Funds due
- $46,767
- Interest + MI left
- $288,857
- First ends
- Feb 2051
New loan
New conventional
$2,673/mo
+$1,143/mo- Down payment
- $34,850
- Funds due
- $43,391
- Interest + MI left
- $468,785
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,150 | $192,150 | $309,150 |
| Second mortgage | — | $117,000 | — |
| First P&I | $902.57 | $902.57 | $2,140.49 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $157.21 | $157.21 | $61.83 |
| Taxes, insurance & HOA | $470.50 | $470.50 | $470.50 |
| Total housing payment | $1,530.28 | $2,388.79 | $2,672.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,850
Closing costs & prepaids$11,916
Usable credit−$0
Total buyer cash needed$46,767
Earnest money paid−$0
Remaining funds due$46,767
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$961.50
Prepaid interest, first (1 days)$14.32
Prepaid interest, second (1 days)$25.64
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$32,477Through Nov 2026
Assumption only · ends Feb 2051$96,795
Assumption + second · ends Feb 2051, second Dec 2056$288,857
New conventional · ends Dec 2056$468,785