Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $67,014
- Funds due
- $76,343
- Interest + MI left
- $102,126
- First ends
- Apr 2051
Assumption
Assumption + second
$1,674/mo
+$322/mo- Down payment
- $27,014
- Funds due
- $37,682
- Interest + MI left
- $177,992
- First ends
- Apr 2051
New loan
New conventional
$1,916/mo
+$564/mo- Down payment
- $27,014
- Funds due
- $34,558
- Interest + MI left
- $347,927
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,986 | $197,986 | $237,986 |
| Second mortgage | — | $40,000 | — |
| First P&I | $934.79 | $934.79 | $1,612.20 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $161.36 | $161.36 | $47.60 |
| Taxes, insurance & HOA | $256.00 | $256.00 | $256.00 |
| Total housing payment | $1,352.15 | $1,674.00 | $1,915.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,014
Closing costs & prepaids$10,668
Usable credit−$0
Total buyer cash needed$37,682
Earnest money paid−$0
Remaining funds due$37,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (9 days)$136.20
Prepaid interest, second (9 days)$88.77
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$33,755Through Dec 2026
Assumption only · ends Apr 2051$102,126
Assumption + second · ends Apr 2051, second Jan 2057$177,992
New conventional · ends Jan 2057$347,927