Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$972/mo
Lowest payment- Down payment
- $44,859
- Funds due
- $53,165
- Interest + MI left
- $74,295
- First ends
- Sep 2051
Assumption
Assumption + second
$1,182/mo
+$209/mo- Down payment
- $18,859
- Funds due
- $28,453
- Interest + MI left
- $123,608
- First ends
- Sep 2051
New loan
New conventional
$1,345/mo
+$373/mo- Down payment
- $18,859
- Funds due
- $25,300
- Interest + MI left
- $235,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,041 | $135,041 | $161,041 |
| Second mortgage | — | $26,000 | — |
| First P&I | $641.93 | $641.93 | $1,090.95 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $108.40 | $108.40 | $32.21 |
| Taxes, insurance & HOA | $222.00 | $222.00 | $222.00 |
| Total housing payment | $972.33 | $1,181.53 | $1,345.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,859
Closing costs & prepaids$9,594
Usable credit−$0
Total buyer cash needed$28,453
Earnest money paid−$0
Remaining funds due$28,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$216.00
Prepaid interest, first (6 days)$65.71
Prepaid interest, second (6 days)$38.47
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$22,442Through Dec 2026
Assumption only · ends Sep 2051$74,295
Assumption + second · ends Sep 2051, second Jan 2057$123,608
New conventional · ends Jan 2057$235,372