Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $144,391
- Funds due
- $154,834
- Interest + MI left
- $104,867
- First ends
- Aug 2051
Assumption
Assumption + second
$2,295/mo
+$807/mo- Down payment
- $34,391
- Funds due
- $46,132
- Interest + MI left
- $285,438
- First ends
- Aug 2051
New loan
New conventional
$2,571/mo
+$1,082/mo- Down payment
- $34,391
- Funds due
- $42,781
- Interest + MI left
- $455,774
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,609 | $190,609 | $300,609 |
| Second mortgage | — | $110,000 | — |
| First P&I | $906.07 | $906.07 | $2,081.36 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $153.01 | $153.01 | $60.12 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $1,488.25 | $2,295.39 | $2,570.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,391
Closing costs & prepaids$11,742
Usable credit−$0
Total buyer cash needed$46,132
Earnest money paid−$0
Remaining funds due$46,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$837.50
Prepaid interest, first (2 days)$30.92
Prepaid interest, second (2 days)$48.22
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 2.960%
Interest already paid$31,677Through Nov 2026
Assumption only · ends Aug 2051$104,867
Assumption + second · ends Aug 2051, second Dec 2056$285,438
New conventional · ends Dec 2056$455,774