Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,633/mo
Lowest payment- Down payment
- $136,221
- Funds due
- $146,982
- Interest + MI left
- $102,162
- First ends
- Apr 2051
Assumption
Assumption + second
$2,381/mo
+$748/mo- Down payment
- $34,221
- Funds due
- $46,277
- Interest + MI left
- $269,600
- First ends
- Apr 2051
New loan
New conventional
$2,693/mo
+$1,060/mo- Down payment
- $34,221
- Funds due
- $42,933
- Interest + MI left
- $462,218
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,779 | $202,779 | $304,779 |
| Second mortgage | — | $102,000 | — |
| First P&I | $945.84 | $945.84 | $2,110.23 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $165.18 | $165.18 | $60.96 |
| Taxes, insurance & HOA | $522.00 | $522.00 | $522.00 |
| Total housing payment | $1,633.02 | $2,381.46 | $2,693.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,221
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$46,277
Earnest money paid−$0
Remaining funds due$46,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$1,116.00
Prepaid interest, first (2 days)$30.00
Prepaid interest, second (2 days)$44.71
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 2.700%
Interest already paid$32,953Through Nov 2026
Assumption only · ends Apr 2051$102,162
Assumption + second · ends Apr 2051, second Dec 2056$269,600
New conventional · ends Dec 2056$462,218