Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $130,198
- Funds due
- $140,965
- Interest + MI left
- $103,111
- First ends
- Jun 2051
Assumption
Assumption + second
$2,429/mo
+$780/mo- Down payment
- $33,198
- Funds due
- $45,263
- Interest + MI left
- $287,085
- First ends
- Jun 2051
New loan
New conventional
$2,657/mo
+$1,009/mo- Down payment
- $33,198
- Funds due
- $41,922
- Interest + MI left
- $445,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,904 | $196,904 | $293,904 |
| Second mortgage | — | $97,000 | — |
| First P&I | $925.10 | $925.10 | $2,034.93 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $159.27 | $159.27 | $58.78 |
| Taxes, insurance & HOA | $563.67 | $563.67 | $563.67 |
| Total housing payment | $1,648.04 | $2,428.52 | $2,657.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,198
Closing costs & prepaids$12,065
Usable credit−$0
Total buyer cash needed$45,263
Earnest money paid−$0
Remaining funds due$45,263
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,271.02
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)$1,241.00
Prepaid interest, first (2 days)$30.32
Prepaid interest, second (2 days)$47.84
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 7 moOf the original 30-year loan at 2.810%
Interest already paid$32,184Through Nov 2026
Assumption only · ends Jun 2051$103,111
Assumption + second · ends Jun 2051, second Dec 2056$287,085
New conventional · ends Dec 2056$445,666