Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,454/mo
Lowest payment- Down payment
- $131,826
- Funds due
- $142,248
- Interest + MI left
- $80,595
- First ends
- Jan 2051
Assumption
Assumption + second
$2,210/mo
+$756/mo- Down payment
- $28,826
- Funds due
- $40,521
- Interest + MI left
- $249,675
- First ends
- Jan 2051
New loan
New conventional
$2,420/mo
+$966/mo- Down payment
- $28,826
- Funds due
- $37,200
- Interest + MI left
- $388,452
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,173 | $153,173 | $256,173 |
| Second mortgage | — | $103,000 | — |
| First P&I | $733.75 | $733.75 | $1,773.69 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $125.19 | $125.19 | $51.23 |
| Taxes, insurance & HOA | $595.00 | $595.00 | $595.00 |
| Total housing payment | $1,453.94 | $2,209.72 | $2,419.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,826
Closing costs & prepaids$11,695
Usable credit−$0
Total buyer cash needed$40,521
Earnest money paid−$0
Remaining funds due$40,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.99
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)$1,335.00
Prepaid interest, first (1 days)$12.09
Prepaid interest, second (1 days)$22.58
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$27,796Through Nov 2026
Assumption only · ends Jan 2051$80,595
Assumption + second · ends Jan 2051, second Dec 2056$249,675
New conventional · ends Dec 2056$388,452