Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $125,943
- Funds due
- $136,663
- Interest + MI left
- $93,904
- First ends
- Apr 2051
Assumption
Assumption + second
$2,386/mo
+$764/mo- Down payment
- $30,943
- Funds due
- $42,936
- Interest + MI left
- $274,085
- First ends
- Apr 2051
New loan
New conventional
$2,593/mo
+$971/mo- Down payment
- $30,943
- Funds due
- $39,596
- Interest + MI left
- $420,934
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,557 | $182,557 | $277,557 |
| Second mortgage | — | $95,000 | — |
| First P&I | $858.03 | $858.03 | $1,921.75 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $148.49 | $148.49 | $55.51 |
| Taxes, insurance & HOA | $615.25 | $615.25 | $615.25 |
| Total housing payment | $1,621.77 | $2,386.16 | $2,592.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,943
Closing costs & prepaids$11,993
Usable credit−$0
Total buyer cash needed$42,936
Earnest money paid−$0
Remaining funds due$42,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,085.00
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)$1,395.75
Prepaid interest, first (1 days)$13.85
Prepaid interest, second (1 days)$23.42
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$30,413Through Nov 2026
Assumption only · ends Apr 2051$93,904
Assumption + second · ends Apr 2051, second Dec 2056$274,085
New conventional · ends Dec 2056$420,934