Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,371/mo
Lowest payment- Down payment
- $146,314
- Funds due
- $156,317
- Interest + MI left
- $117,552
- First ends
- Oct 2051
Assumption
Assumption + second
$2,200/mo
+$829/mo- Down payment
- $33,314
- Funds due
- $44,592
- Interest + MI left
- $303,048
- First ends
- Oct 2051
New loan
New conventional
$2,417/mo
+$1,047/mo- Down payment
- $33,314
- Funds due
- $41,227
- Interest + MI left
- $449,944
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,686 | $183,686 | $296,686 |
| Second mortgage | — | $113,000 | — |
| First P&I | $921.50 | $921.50 | $2,054.19 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $145.36 | $145.36 | $59.34 |
| Taxes, insurance & HOA | $303.67 | $303.67 | $303.67 |
| Total housing payment | $1,370.53 | $2,199.68 | $2,417.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,314
Closing costs & prepaids$11,278
Usable credit−$0
Total buyer cash needed$44,592
Earnest money paid−$0
Remaining funds due$44,592
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$461.00
Prepaid interest, first (1 days)$17.61
Prepaid interest, second (1 days)$24.77
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 3.500%
Interest already paid$34,684Through Nov 2026
Assumption only · ends Oct 2051$117,552
Assumption + second · ends Oct 2051, second Dec 2056$303,048
New conventional · ends Dec 2056$449,944