Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,627/mo
Lowest payment- Down payment
- $43,039
- Funds due
- $52,639
- Interest + MI left
- $136,040
- First ends
- Jul 2051
Assumption
Assumption + second
$1,912/mo
+$285/mo- Down payment
- $15,039
- Funds due
- $25,971
- Interest + MI left
- $210,755
- First ends
- Jul 2051
New loan
New conventional
$2,147/mo
+$520/mo- Down payment
- $15,039
- Funds due
- $22,984
- Interest + MI left
- $396,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,961 | $241,961 | $269,961 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,168.02 | $1,168.02 | $1,828.81 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $194.74 | $194.74 | $53.99 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,626.76 | $1,912.08 | $2,146.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,039
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$25,971
Earnest money paid−$0
Remaining funds due$25,971
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$182.56
Prepaid interest, second (9 days)$81.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.06%
Interest already paid$42,955Through Dec 2026
Assumption only · ends Jul 2051$136,040
Assumption + second · ends Jul 2051, second Jan 2057$210,755
New conventional · ends Jan 2057$396,131