Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$710/mo
Lowest payment- Down payment
- $76,654
- Funds due
- $84,770
- Interest + MI left
- $48,438
- First ends
- Jul 2051
Assumption
Assumption + second
$1,192/mo
+$483/mo- Down payment
- $16,654
- Funds due
- $26,109
- Interest + MI left
- $162,237
- First ends
- Jul 2051
New loan
New conventional
$1,251/mo
+$541/mo- Down payment
- $16,654
- Funds due
- $22,936
- Interest + MI left
- $216,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,346 | $88,346 | $148,346 |
| Second mortgage | — | $60,000 | — |
| First P&I | $422.35 | $422.35 | $1,004.95 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $71.23 | $71.23 | $29.67 |
| Taxes, insurance & HOA | $216.00 | $216.00 | $216.00 |
| Total housing payment | $709.58 | $1,192.35 | $1,250.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,654
Closing costs & prepaids$9,455
Usable credit−$0
Total buyer cash needed$26,109
Earnest money paid−$0
Remaining funds due$26,109
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$198.00
Prepaid interest, first (6 days)$43.13
Prepaid interest, second (6 days)$88.77
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 2.97%
Interest already paid$15,237Through Dec 2026
Assumption only · ends Jul 2051$48,438
Assumption + second · ends Jul 2051, second Jan 2057$162,237
New conventional · ends Jan 2057$216,906