Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,190/mo
Lowest payment- Down payment
- $110,577
- Funds due
- $119,828
- Interest + MI left
- $98,374
- First ends
- Jun 2051
Assumption
Assumption + second
$1,841/mo
+$652/mo- Down payment
- $29,577
- Funds due
- $40,098
- Interest + MI left
- $252,002
- First ends
- Jun 2051
New loan
New conventional
$2,042/mo
+$853/mo- Down payment
- $29,577
- Funds due
- $36,771
- Interest + MI left
- $394,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,423 | $179,423 | $260,423 |
| Second mortgage | — | $81,000 | — |
| First P&I | $857.75 | $857.75 | $1,803.12 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $144.66 | $144.66 | $52.08 |
| Taxes, insurance & HOA | $187.17 | $187.17 | $187.17 |
| Total housing payment | $1,189.58 | $1,841.32 | $2,042.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,577
Closing costs & prepaids$10,521
Usable credit−$0
Total buyer cash needed$40,098
Earnest money paid−$0
Remaining funds due$40,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$111.50
Prepaid interest, first (1 days)$14.60
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 7 moOf the original 30-year loan at 2.970%
Interest already paid$30,944Through Nov 2026
Assumption only · ends Jun 2051$98,374
Assumption + second · ends Jun 2051, second Dec 2056$252,002
New conventional · ends Dec 2056$394,897