Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $168,671
- Funds due
- $179,067
- Interest + MI left
- $104,934
- First ends
- Aug 2051
Assumption
Assumption + second
$2,328/mo
+$969/mo- Down payment
- $36,671
- Funds due
- $48,578
- Interest + MI left
- $321,619
- First ends
- Aug 2051
New loan
New conventional
$2,549/mo
+$1,189/mo- Down payment
- $36,671
- Funds due
- $45,334
- Interest + MI left
- $472,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,329 | $191,329 | $323,329 |
| Second mortgage | — | $132,000 | — |
| First P&I | $911.58 | $911.58 | $2,190.34 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | $153.94 | $153.94 | $64.67 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $1,359.52 | $2,328.09 | $2,549.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,671
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$48,578
Earnest money paid−$0
Remaining funds due$48,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (9 days)$139.64
Prepaid interest, second (9 days)$260.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 2.96%
Interest already paid$32,343Through Dec 2026
Assumption only · ends Aug 2051$104,934
Assumption + second · ends Aug 2051, second Jan 2057$321,619
New conventional · ends Jan 2057$472,696