Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $90,260
- Funds due
- $99,510
- Interest + MI left
- $72,918
- First ends
- Mar 2051
Assumption
Assumption + second
$1,698/mo
+$531/mo- Down payment
- $24,260
- Funds due
- $34,776
- Interest + MI left
- $198,096
- First ends
- Mar 2051
New loan
New conventional
$1,873/mo
+$706/mo- Down payment
- $24,260
- Funds due
- $31,499
- Interest + MI left
- $319,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,740 | $144,740 | $210,740 |
| Second mortgage | — | $66,000 | — |
| First P&I | $677.49 | $677.49 | $1,459.12 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $118.16 | $118.16 | $42.15 |
| Taxes, insurance & HOA | $371.33 | $371.33 | $371.33 |
| Total housing payment | $1,166.99 | $1,698.04 | $1,872.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,260
Closing costs & prepaids$10,516
Usable credit−$0
Total buyer cash needed$34,776
Earnest money paid−$0
Remaining funds due$34,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$664.00
Prepaid interest, first (1 days)$10.75
Prepaid interest, second (1 days)$16.27
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 4 moOf the original 30-year loan at 2.710%
Interest already paid$23,991Through Nov 2026
Assumption only · ends Mar 2051$72,918
Assumption + second · ends Mar 2051, second Dec 2056$198,096
New conventional · ends Dec 2056$319,517