Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,114/mo
Lowest payment- Down payment
- $130,689
- Funds due
- $140,036
- Interest + MI left
- $85,550
- First ends
- Mar 2051
Assumption
Assumption + second
$1,848/mo
+$734/mo- Down payment
- $30,689
- Funds due
- $41,330
- Interest + MI left
- $249,705
- First ends
- Mar 2051
New loan
New conventional
$2,101/mo
+$987/mo- Down payment
- $30,689
- Funds due
- $38,013
- Interest + MI left
- $408,374
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,311 | $169,311 | $269,311 |
| Second mortgage | — | $100,000 | — |
| First P&I | $793.37 | $793.37 | $1,864.65 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $138.19 | $138.19 | $53.86 |
| Taxes, insurance & HOA | $182.33 | $182.33 | $182.33 |
| Total housing payment | $1,113.89 | $1,847.66 | $2,100.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,689
Closing costs & prepaids$10,641
Usable credit−$0
Total buyer cash needed$41,330
Earnest money paid−$0
Remaining funds due$41,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$97.00
Prepaid interest, first (2 days)$25.23
Prepaid interest, second (2 days)$43.84
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 4 moOf the original 30-year loan at 2.720%
Interest already paid$28,164Through Nov 2026
Assumption only · ends Mar 2051$85,550
Assumption + second · ends Mar 2051, second Dec 2056$249,705
New conventional · ends Dec 2056$408,374