Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,071/mo
Lowest payment- Down payment
- $86,342
- Funds due
- $95,271
- Interest + MI left
- $82,195
- First ends
- Sep 2051
Assumption
Assumption + second
$1,570/mo
+$499/mo- Down payment
- $24,342
- Funds due
- $34,612
- Interest + MI left
- $199,787
- First ends
- Sep 2051
New loan
New conventional
$1,713/mo
+$642/mo- Down payment
- $24,342
- Funds due
- $31,403
- Interest + MI left
- $307,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,558 | $148,558 | $210,558 |
| Second mortgage | — | $62,000 | — |
| First P&I | $707.72 | $707.72 | $1,426.39 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $119.21 | $119.21 | $42.11 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $1,070.93 | $1,569.79 | $1,712.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,342
Closing costs & prepaids$10,270
Usable credit−$0
Total buyer cash needed$34,612
Earnest money paid−$0
Remaining funds due$34,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,349.00
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)$282.00
Prepaid interest, first (6 days)$72.77
Prepaid interest, second (6 days)$91.73
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 2.98%
Interest already paid$24,850Through Dec 2026
Assumption only · ends Sep 2051$82,195
Assumption + second · ends Sep 2051, second Jan 2057$199,787
New conventional · ends Jan 2057$307,786