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
- $112,154
- Funds due
- $121,981
- Interest + MI left
- $98,187
- First ends
- Mar 2051
Assumption
Assumption + second
$2,012/mo
+$652/mo- Down payment
- $31,154
- Funds due
- $42,411
- Interest + MI left
- $251,815
- First ends
- Mar 2051
New loan
New conventional
$2,219/mo
+$858/mo- Down payment
- $31,154
- Funds due
- $39,233
- Interest + MI left
- $407,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,846 | $197,846 | $278,846 |
| Second mortgage | — | $81,000 | — |
| First P&I | $924.30 | $924.30 | $1,889.00 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $162.05 | $162.05 | $55.77 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,360.36 | $2,012.10 | $2,218.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,154
Closing costs & prepaids$11,257
Usable credit−$0
Total buyer cash needed$42,411
Earnest money paid−$0
Remaining funds due$42,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (9 days)$130.25
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$32,844Through Dec 2026
Assumption only · ends Mar 2051$98,187
Assumption + second · ends Mar 2051, second Jan 2057$251,815
New conventional · ends Jan 2057$407,719