Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,268/mo
Lowest payment- Down payment
- $110,991
- Funds due
- $120,595
- Interest + MI left
- $97,840
- First ends
- Jun 2051
Assumption
Assumption + second
$1,920/mo
+$652/mo- Down payment
- $29,991
- Funds due
- $41,025
- Interest + MI left
- $251,468
- First ends
- Jun 2051
New loan
New conventional
$2,079/mo
+$811/mo- Down payment
- $29,991
- Funds due
- $37,824
- Interest + MI left
- $380,072
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,009 | $179,009 | $260,009 |
| Second mortgage | — | $81,000 | — |
| First P&I | $857.75 | $857.75 | $1,761.39 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $144.66 | $144.66 | $52.00 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $1,268.41 | $1,920.16 | $2,079.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,991
Closing costs & prepaids$11,034
Usable credit−$0
Total buyer cash needed$41,025
Earnest money paid−$0
Remaining funds due$41,025
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)$348.00
Prepaid interest, first (9 days)$131.09
Prepaid interest, second (9 days)$179.75
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 6 moOf the original 30-year loan at 2.97%
Interest already paid$31,388Through Dec 2026
Assumption only · ends Jun 2051$97,840
Assumption + second · ends Jun 2051, second Jan 2057$251,468
New conventional · ends Jan 2057$380,072