Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $141,062
- Funds due
- $151,552
- Interest + MI left
- $114,401
- First ends
- Aug 2051
Assumption
Assumption + second
$2,336/mo
+$778/mo- Down payment
- $35,062
- Funds due
- $46,825
- Interest + MI left
- $288,405
- First ends
- Aug 2051
New loan
New conventional
$2,639/mo
+$1,081/mo- Down payment
- $35,062
- Funds due
- $43,448
- Interest + MI left
- $476,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,938 | $207,938 | $313,938 |
| Second mortgage | — | $106,000 | — |
| First P&I | $988.45 | $988.45 | $2,173.64 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $166.92 | $166.92 | $62.79 |
| Taxes, insurance & HOA | $402.58 | $402.58 | $402.58 |
| Total housing payment | $1,557.95 | $2,335.74 | $2,639.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,062
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$46,825
Earnest money paid−$0
Remaining funds due$46,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$757.75
Prepaid interest, first (1 days)$16.86
Prepaid interest, second (1 days)$23.23
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$34,557Through Nov 2026
Assumption only · ends Aug 2051$114,401
Assumption + second · ends Aug 2051, second Dec 2056$288,405
New conventional · ends Dec 2056$476,108