Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $153,925
- Funds due
- $164,094
- Interest + MI left
- $103,277
- First ends
- Oct 2051
Assumption
Assumption + second
$2,193/mo
+$873/mo- Down payment
- $34,925
- Funds due
- $46,579
- Interest + MI left
- $298,621
- First ends
- Oct 2051
New loan
New conventional
$2,414/mo
+$1,094/mo- Down payment
- $34,925
- Funds due
- $43,349
- Interest + MI left
- $446,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,075 | $186,075 | $305,075 |
| Second mortgage | — | $119,000 | — |
| First P&I | $884.44 | $884.44 | $2,066.68 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $148.97 | $148.97 | $61.01 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,319.41 | $2,192.59 | $2,413.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,925
Closing costs & prepaids$11,654
Usable credit−$0
Total buyer cash needed$46,579
Earnest money paid−$0
Remaining funds due$46,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (9 days)$136.73
Prepaid interest, second (9 days)$234.74
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 2.98%
Interest already paid$30,594Through Dec 2026
Assumption only · ends Oct 2051$103,277
Assumption + second · ends Oct 2051, second Jan 2057$298,621
New conventional · ends Jan 2057$446,009