Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,129/mo
Lowest payment- Down payment
- $103,171
- Funds due
- $112,267
- Interest + MI left
- $92,341
- First ends
- Oct 2051
Assumption
Assumption + second
$1,732/mo
+$603/mo- Down payment
- $28,171
- Funds due
- $38,535
- Interest + MI left
- $234,589
- First ends
- Oct 2051
New loan
New conventional
$1,959/mo
+$830/mo- Down payment
- $28,171
- Funds due
- $35,222
- Interest + MI left
- $380,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,729 | $175,729 | $250,729 |
| Second mortgage | — | $75,000 | — |
| First P&I | $815.24 | $815.24 | $1,736.00 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $140.90 | $140.90 | $50.15 |
| Taxes, insurance & HOA | $172.75 | $172.75 | $172.75 |
| Total housing payment | $1,128.89 | $1,732.36 | $1,958.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,171
Closing costs & prepaids$10,364
Usable credit−$0
Total buyer cash needed$38,535
Earnest money paid−$0
Remaining funds due$38,535
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,789.00
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)$68.25
Prepaid interest, first (1 days)$13.38
Prepaid interest, second (1 days)$18.49
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 2.780%
Interest already paid$26,538Through Nov 2026
Assumption only · ends Oct 2051$92,341
Assumption + second · ends Oct 2051, second Dec 2056$234,589
New conventional · ends Dec 2056$380,197