Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $57,488
- Funds due
- $66,988
- Interest + MI left
- $105,761
- First ends
- Jul 2051
Assumption
Assumption + second
$1,726/mo
+$257/mo- Down payment
- $25,488
- Funds due
- $36,254
- Interest + MI left
- $166,453
- First ends
- Jul 2051
New loan
New conventional
$1,979/mo
+$510/mo- Down payment
- $25,488
- Funds due
- $32,991
- Interest + MI left
- $332,817
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,512 | $187,512 | $219,512 |
| Second mortgage | — | $32,000 | — |
| First P&I | $903.13 | $903.13 | $1,519.86 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $150.58 | $150.58 | $43.90 |
| Taxes, insurance & HOA | $414.75 | $414.75 | $414.75 |
| Total housing payment | $1,468.46 | $1,725.94 | $1,978.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,488
Closing costs & prepaids$10,766
Usable credit−$0
Total buyer cash needed$36,254
Earnest money paid−$0
Remaining funds due$36,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$794.25
Prepaid interest, first (2 days)$31.44
Prepaid interest, second (2 days)$15.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.060%
Interest already paid$32,735Through Nov 2026
Assumption only · ends Jul 2051$105,761
Assumption + second · ends Jul 2051, second Dec 2056$166,453
New conventional · ends Dec 2056$332,817