Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$497/mo
Lowest payment- Down payment
- $96,815
- Funds due
- $104,745
- Interest + MI left
- $28,494
- First ends
- Oct 2051
Assumption
Assumption + second
$1,149/mo
+$652/mo- Down payment
- $15,815
- Funds due
- $25,175
- Interest + MI left
- $182,122
- First ends
- Oct 2051
New loan
New conventional
$1,138/mo
+$640/mo- Down payment
- $15,815
- Funds due
- $21,985
- Interest + MI left
- $194,495
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,073 | $52,073 | $133,073 |
| Second mortgage | — | $81,000 | — |
| First P&I | $246.16 | $246.16 | $901.48 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $41.73 | $41.73 | $26.61 |
| Taxes, insurance & HOA | $209.58 | $209.58 | $209.58 |
| Total housing payment | $497.47 | $1,149.22 | $1,137.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,815
Closing costs & prepaids$9,360
Usable credit−$0
Total buyer cash needed$25,175
Earnest money paid−$0
Remaining funds due$25,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,488.88
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)$178.75
Prepaid interest, first (9 days)$37.62
Prepaid interest, second (9 days)$179.75
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 10 moOf the original 30-year loan at 2.93%
Interest already paid$8,422Through Dec 2026
Assumption only · ends Oct 2051$28,494
Assumption + second · ends Oct 2051, second Jan 2057$182,122
New conventional · ends Jan 2057$194,495