Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,829/mo
Lowest payment- Down payment
- $160,807
- Funds due
- $172,110
- Interest + MI left
- $132,660
- First ends
- Aug 2051
Assumption
Assumption + second
$2,709/mo
+$881/mo- Down payment
- $40,807
- Funds due
- $53,413
- Interest + MI left
- $329,647
- First ends
- Aug 2051
New loan
New conventional
$3,055/mo
+$1,226/mo- Down payment
- $40,807
- Funds due
- $50,008
- Interest + MI left
- $544,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,093 | $239,093 | $359,093 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,140.26 | $1,140.26 | $2,486.29 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $191.82 | $191.82 | $71.82 |
| Taxes, insurance & HOA | $496.50 | $496.50 | $496.50 |
| Total housing payment | $1,828.58 | $2,709.10 | $3,054.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,807
Closing costs & prepaids$12,605
Usable credit−$0
Total buyer cash needed$53,413
Earnest money paid−$0
Remaining funds due$53,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,039.50
Prepaid interest, first (2 days)$39.17
Prepaid interest, second (2 days)$52.60
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 9 moOf the original 30-year loan at 2.990%
Interest already paid$40,125Through Nov 2026
Assumption only · ends Aug 2051$132,660
Assumption + second · ends Aug 2051, second Dec 2056$329,647
New conventional · ends Dec 2056$544,517