Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $166,277
- Funds due
- $177,046
- Interest + MI left
- $111,001
- First ends
- Dec 2051
Assumption
Assumption + second
$2,481/mo
+$947/mo- Down payment
- $37,277
- Funds due
- $49,353
- Interest + MI left
- $322,761
- First ends
- Dec 2051
New loan
New conventional
$2,787/mo
+$1,253/mo- Down payment
- $37,277
- Funds due
- $45,975
- Interest + MI left
- $503,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,723 | $202,723 | $331,723 |
| Second mortgage | — | $129,000 | — |
| First P&I | $948.67 | $948.67 | $2,296.78 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $161.44 | $161.44 | $66.34 |
| Taxes, insurance & HOA | $423.83 | $423.83 | $423.83 |
| Total housing payment | $1,533.95 | $2,480.50 | $2,786.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,277
Closing costs & prepaids$12,075
Usable credit−$0
Total buyer cash needed$49,353
Earnest money paid−$0
Remaining funds due$49,353
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$821.50
Prepaid interest, first (2 days)$32.21
Prepaid interest, second (2 days)$56.55
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$30,774Through Nov 2026
Assumption only · ends Dec 2051$111,001
Assumption + second · ends Dec 2051, second Dec 2056$322,761
New conventional · ends Dec 2056$503,014