Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,291/mo
Lowest payment- Down payment
- $173,232
- Funds due
- $183,349
- Interest + MI left
- $105,505
- First ends
- Aug 2051
Assumption
Assumption + second
$2,289/mo
+$998/mo- Down payment
- $37,232
- Funds due
- $48,629
- Interest + MI left
- $328,756
- First ends
- Aug 2051
New loan
New conventional
$2,560/mo
+$1,269/mo- Down payment
- $37,232
- Funds due
- $45,228
- Interest + MI left
- $497,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,768 | $191,768 | $327,768 |
| Second mortgage | — | $136,000 | — |
| First P&I | $911.58 | $911.58 | $2,269.40 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $153.94 | $153.94 | $65.55 |
| Taxes, insurance & HOA | $225.50 | $225.50 | $225.50 |
| Total housing payment | $1,291.02 | $2,288.94 | $2,560.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,232
Closing costs & prepaids$11,397
Usable credit−$0
Total buyer cash needed$48,629
Earnest money paid−$0
Remaining funds due$48,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$226.50
Prepaid interest, first (1 days)$15.55
Prepaid interest, second (1 days)$29.81
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$31,870Through Nov 2026
Assumption only · ends Aug 2051$105,505
Assumption + second · ends Aug 2051, second Dec 2056$328,756
New conventional · ends Dec 2056$497,017