Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,029/mo
Lowest payment- Down payment
- $52,379
- Funds due
- $60,765
- Interest + MI left
- $83,417
- First ends
- Aug 2051
Assumption
Assumption + second
$1,278/mo
+$249/mo- Down payment
- $21,379
- Funds due
- $31,022
- Interest + MI left
- $142,213
- First ends
- Aug 2051
New loan
New conventional
$1,487/mo
+$459/mo- Down payment
- $21,379
- Funds due
- $27,775
- Interest + MI left
- $276,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,621 | $151,621 | $182,621 |
| Second mortgage | — | $31,000 | — |
| First P&I | $720.74 | $720.74 | $1,264.43 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $121.71 | $121.71 | $36.52 |
| Taxes, insurance & HOA | $186.08 | $186.08 | $186.08 |
| Total housing payment | $1,028.54 | $1,277.97 | $1,487.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,379
Closing costs & prepaids$9,643
Usable credit−$0
Total buyer cash needed$31,022
Earnest money paid−$0
Remaining funds due$31,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,040.00
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)$108.25
Prepaid interest, first (1 days)$12.30
Prepaid interest, second (1 days)$7.64
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$25,198Through Nov 2026
Assumption only · ends Aug 2051$83,417
Assumption + second · ends Aug 2051, second Dec 2056$142,213
New conventional · ends Dec 2056$276,847