Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,174/mo
Lowest payment- Down payment
- $47,791
- Funds due
- $56,416
- Interest + MI left
- $116,260
- First ends
- Jun 2052
Assumption
Assumption + second
$1,391/mo
+$217/mo- Down payment
- $20,791
- Funds due
- $30,706
- Interest + MI left
- $167,469
- First ends
- Jun 2052
New loan
New conventional
$1,517/mo
+$343/mo- Down payment
- $20,791
- Funds due
- $27,522
- Interest + MI left
- $269,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,209 | $157,209 | $184,209 |
| Second mortgage | — | $27,000 | — |
| First P&I | $820.34 | $820.34 | $1,247.90 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $121.71 | $121.71 | $36.84 |
| Taxes, insurance & HOA | $232.00 | $232.00 | $232.00 |
| Total housing payment | $1,174.06 | $1,391.30 | $1,516.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,791
Closing costs & prepaids$9,914
Usable credit−$0
Total buyer cash needed$30,706
Earnest money paid−$0
Remaining funds due$30,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Prepaid interest, first (6 days)$103.37
Prepaid interest, second (6 days)$39.95
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 closing25 yr 6 moOf the original 30-year loan at 4%
Interest already paid$29,677Through Dec 2026
Assumption only · ends Jun 2052$116,260
Assumption + second · ends Jun 2052, second Jan 2057$167,469
New conventional · ends Jan 2057$269,344