Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,221/mo
Lowest payment- Down payment
- $69,478
- Funds due
- $78,554
- Interest + MI left
- $97,328
- First ends
- Aug 2051
Assumption
Assumption + second
$1,583/mo
+$362/mo- Down payment
- $24,478
- Funds due
- $34,904
- Interest + MI left
- $182,677
- First ends
- Aug 2051
New loan
New conventional
$1,771/mo
+$551/mo- Down payment
- $24,478
- Funds due
- $31,767
- Interest + MI left
- $319,515
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,522 | $173,522 | $218,522 |
| Second mortgage | — | $45,000 | — |
| First P&I | $833.94 | $833.94 | $1,480.34 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $139.40 | $139.40 | $43.70 |
| Taxes, insurance & HOA | $247.17 | $247.17 | $247.17 |
| Total housing payment | $1,220.51 | $1,582.59 | $1,771.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,478
Closing costs & prepaids$10,426
Usable credit−$0
Total buyer cash needed$34,904
Earnest money paid−$0
Remaining funds due$34,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,430.00
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)$291.50
Prepaid interest, first (9 days)$130.07
Prepaid interest, second (9 days)$99.86
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 8 moOf the original 30-year loan at 3.04%
Interest already paid$30,101Through Dec 2026
Assumption only · ends Aug 2051$97,328
Assumption + second · ends Aug 2051, second Jan 2057$182,677
New conventional · ends Jan 2057$319,515