Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $110,106
- Funds due
- $120,160
- Interest + MI left
- $103,953
- First ends
- Oct 2051
Assumption
Assumption + second
$2,094/mo
+$644/mo- Down payment
- $30,106
- Funds due
- $41,509
- Interest + MI left
- $255,685
- First ends
- Oct 2051
New loan
New conventional
$2,280/mo
+$829/mo- Down payment
- $30,106
- Funds due
- $38,247
- Interest + MI left
- $393,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,894 | $188,894 | $268,894 |
| Second mortgage | — | $80,000 | — |
| First P&I | $894.90 | $894.90 | $1,821.58 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $151.32 | $151.32 | $53.78 |
| Taxes, insurance & HOA | $404.17 | $404.17 | $404.17 |
| Total housing payment | $1,450.38 | $2,094.08 | $2,279.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,106
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$41,509
Earnest money paid−$0
Remaining funds due$41,509
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$762.50
Prepaid interest, first (5 days)$76.33
Prepaid interest, second (5 days)$98.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.95%
Interest already paid$30,753Through Dec 2026
Assumption only · ends Oct 2051$103,953
Assumption + second · ends Oct 2051, second Jan 2057$255,685
New conventional · ends Jan 2057$393,168