Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$844/mo
Lowest payment- Down payment
- $121,269
- Funds due
- $130,101
- Interest + MI left
- $56,891
- First ends
- Jul 2051
Assumption
Assumption + second
$1,632/mo
+$789/mo- Down payment
- $23,269
- Funds due
- $33,375
- Interest + MI left
- $242,762
- First ends
- Jul 2051
New loan
New conventional
$1,703/mo
+$859/mo- Down payment
- $23,269
- Funds due
- $30,101
- Interest + MI left
- $305,858
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,731 | $103,731 | $201,731 |
| Second mortgage | — | $98,000 | — |
| First P&I | $494.22 | $494.22 | $1,396.74 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $83.46 | $83.46 | $40.35 |
| Taxes, insurance & HOA | $266.17 | $266.17 | $266.17 |
| Total housing payment | $843.85 | $1,632.38 | $1,703.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,269
Closing costs & prepaids$10,106
Usable credit−$0
Total buyer cash needed$33,375
Earnest money paid−$0
Remaining funds due$33,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$348.50
Prepaid interest, first (1 days)$8.41
Prepaid interest, second (1 days)$24.16
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$17,535Through Nov 2026
Assumption only · ends Jul 2051$56,891
Assumption + second · ends Jul 2051, second Dec 2056$242,762
New conventional · ends Dec 2056$305,858