Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $146,699
- Funds due
- $156,779
- Interest + MI left
- $116,920
- First ends
- Oct 2051
Assumption
Assumption + second
$2,178/mo
+$829/mo- Down payment
- $33,699
- Funds due
- $45,252
- Interest + MI left
- $302,416
- First ends
- Oct 2051
New loan
New conventional
$2,349/mo
+$1,000/mo- Down payment
- $33,699
- Funds due
- $42,008
- Interest + MI left
- $433,182
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,301 | $183,301 | $296,301 |
| Second mortgage | — | $113,000 | — |
| First P&I | $921.50 | $921.50 | $2,007.25 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $145.36 | $145.36 | $59.26 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,348.86 | $2,178.02 | $2,348.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,699
Closing costs & prepaids$11,552
Usable credit−$0
Total buyer cash needed$45,252
Earnest money paid−$0
Remaining funds due$45,252
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)$396.00
Prepaid interest, first (9 days)$158.19
Prepaid interest, second (9 days)$222.90
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 10 moOf the original 30-year loan at 3.5%
Interest already paid$35,220Through Dec 2026
Assumption only · ends Oct 2051$116,920
Assumption + second · ends Oct 2051, second Jan 2057$302,416
New conventional · ends Jan 2057$433,182