Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,484/mo
Lowest payment- Down payment
- $125,870
- Funds due
- $135,863
- Interest + MI left
- $116,897
- First ends
- Mar 2051
Assumption
Assumption + second
$2,200/mo
+$716/mo- Down payment
- $36,870
- Funds due
- $48,135
- Interest + MI left
- $285,698
- First ends
- Mar 2051
New loan
New conventional
$2,502/mo
+$1,018/mo- Down payment
- $36,870
- Funds due
- $44,743
- Interest + MI left
- $489,984
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,130 | $234,130 | $323,130 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,092.34 | $1,092.34 | $2,237.29 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $191.26 | $191.26 | $64.63 |
| Taxes, insurance & HOA | $200.42 | $200.42 | $200.42 |
| Total housing payment | $1,484.02 | $2,200.14 | $2,502.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,870
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$48,135
Earnest money paid−$0
Remaining funds due$48,135
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$151.25
Prepaid interest, first (1 days)$17.19
Prepaid interest, second (1 days)$21.95
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$38,391Through Nov 2026
Assumption only · ends Mar 2051$116,897
Assumption + second · ends Mar 2051, second Dec 2056$285,698
New conventional · ends Dec 2056$489,984