Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$488/mo
Lowest payment- Down payment
- $96,696
- Funds due
- $104,566
- Interest + MI left
- $28,649
- First ends
- Oct 2051
Assumption
Assumption + second
$1,140/mo
+$652/mo- Down payment
- $15,696
- Funds due
- $24,836
- Interest + MI left
- $182,277
- First ends
- Oct 2051
New loan
New conventional
$1,149/mo
+$661/mo- Down payment
- $15,696
- Funds due
- $21,632
- Interest + MI left
- $201,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,192 | $52,192 | $133,192 |
| Second mortgage | — | $81,000 | — |
| First P&I | $246.16 | $246.16 | $922.19 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $41.73 | $41.73 | $26.64 |
| Taxes, insurance & HOA | $200.58 | $200.58 | $200.58 |
| Total housing payment | $488.47 | $1,140.22 | $1,149.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,696
Closing costs & prepaids$9,140
Usable credit−$0
Total buyer cash needed$24,836
Earnest money paid−$0
Remaining funds due$24,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,488.88
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)$151.75
Prepaid interest, first (1 days)$4.19
Prepaid interest, second (1 days)$19.97
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 11 moOf the original 30-year loan at 2.930%
Interest already paid$8,295Through Nov 2026
Assumption only · ends Oct 2051$28,649
Assumption + second · ends Oct 2051, second Dec 2056$182,277
New conventional · ends Dec 2056$201,915