Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $161,132
- Funds due
- $171,591
- Interest + MI left
- $117,029
- First ends
- Sep 2051
Assumption
Assumption + second
$2,385/mo
+$903/mo- Down payment
- $38,132
- Funds due
- $49,895
- Interest + MI left
- $318,940
- First ends
- Sep 2051
New loan
New conventional
$2,700/mo
+$1,217/mo- Down payment
- $38,132
- Funds due
- $46,512
- Interest + MI left
- $510,816
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,868 | $213,868 | $336,868 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,011.00 | $1,011.00 | $2,332.41 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $171.39 | $171.39 | $67.37 |
| Taxes, insurance & HOA | $299.92 | $299.92 | $299.92 |
| Total housing payment | $1,482.31 | $2,384.84 | $2,699.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,132
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$49,895
Earnest money paid−$0
Remaining funds due$49,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$449.75
Prepaid interest, first (2 days)$34.34
Prepaid interest, second (2 days)$53.92
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 10 moOf the original 30-year loan at 2.930%
Interest already paid$34,590Through Nov 2026
Assumption only · ends Sep 2051$117,029
Assumption + second · ends Sep 2051, second Dec 2056$318,940
New conventional · ends Dec 2056$510,816