Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,540/mo
Lowest payment- Down payment
- $136,459
- Funds due
- $146,673
- Interest + MI left
- $124,168
- First ends
- Apr 2051
Assumption
Assumption + second
$2,329/mo
+$789/mo- Down payment
- $38,459
- Funds due
- $49,971
- Interest + MI left
- $310,039
- First ends
- Apr 2051
New loan
New conventional
$2,634/mo
+$1,094/mo- Down payment
- $38,459
- Funds due
- $46,590
- Interest + MI left
- $517,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,541 | $243,541 | $341,541 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,140.93 | $1,140.93 | $2,364.76 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $198.22 | $198.22 | $68.31 |
| Taxes, insurance & HOA | $200.83 | $200.83 | $200.83 |
| Total housing payment | $1,539.98 | $2,328.51 | $2,633.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,459
Closing costs & prepaids$11,512
Usable credit−$0
Total buyer cash needed$49,971
Earnest money paid−$0
Remaining funds due$49,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$152.50
Prepaid interest, first (2 days)$36.56
Prepaid interest, second (2 days)$48.33
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$40,146Through Nov 2026
Assumption only · ends Apr 2051$124,168
Assumption + second · ends Apr 2051, second Dec 2056$310,039
New conventional · ends Dec 2056$517,902