Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$994/mo
Lowest payment- Down payment
- $167,259
- Funds due
- $176,794
- Interest + MI left
- $68,867
- First ends
- Feb 2051
Assumption
Assumption + second
$1,992/mo
+$998/mo- Down payment
- $31,259
- Funds due
- $42,074
- Interest + MI left
- $292,118
- First ends
- Feb 2051
New loan
New conventional
$2,199/mo
+$1,205/mo- Down payment
- $31,259
- Funds due
- $38,728
- Interest + MI left
- $421,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,741 | $141,741 | $277,741 |
| Second mortgage | — | $136,000 | — |
| First P&I | $657.18 | $657.18 | $1,923.02 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $116.28 | $116.28 | $55.55 |
| Taxes, insurance & HOA | $220.17 | $220.17 | $220.17 |
| Total housing payment | $993.62 | $1,991.54 | $2,198.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,259
Closing costs & prepaids$10,815
Usable credit−$0
Total buyer cash needed$42,074
Earnest money paid−$0
Remaining funds due$42,074
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,090.00
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)$210.50
Prepaid interest, first (1 days)$10.10
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 3 moOf the original 30-year loan at 2.600%
Interest already paid$22,932Through Nov 2026
Assumption only · ends Feb 2051$68,867
Assumption + second · ends Feb 2051, second Dec 2056$292,118
New conventional · ends Dec 2056$421,157