Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,353/mo
Lowest payment- Down payment
- $143,939
- Funds due
- $154,010
- Interest + MI left
- $105,346
- First ends
- Jul 2051
Assumption
Assumption + second
$2,160/mo
+$807/mo- Down payment
- $33,939
- Funds due
- $45,405
- Interest + MI left
- $285,917
- First ends
- Jul 2051
New loan
New conventional
$2,384/mo
+$1,030/mo- Down payment
- $33,939
- Funds due
- $42,132
- Interest + MI left
- $440,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,061 | $191,061 | $301,061 |
| Second mortgage | — | $110,000 | — |
| First P&I | $915.37 | $915.37 | $2,039.49 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $153.99 | $153.99 | $60.21 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $1,353.35 | $2,160.49 | $2,383.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,939
Closing costs & prepaids$11,466
Usable credit−$0
Total buyer cash needed$45,405
Earnest money paid−$0
Remaining funds due$45,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Prepaid interest, first (6 days)$93.91
Prepaid interest, second (6 days)$144.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 2.99%
Interest already paid$33,166Through Dec 2026
Assumption only · ends Jul 2051$105,346
Assumption + second · ends Jul 2051, second Jan 2057$285,917
New conventional · ends Jan 2057$440,201