Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,110/mo
Lowest payment- Down payment
- $100,260
- Funds due
- $109,398
- Interest + MI left
- $81,580
- First ends
- Jul 2051
Assumption
Assumption + second
$1,713/mo
+$603/mo- Down payment
- $25,260
- Funds due
- $35,685
- Interest + MI left
- $223,828
- First ends
- Jul 2051
New loan
New conventional
$1,862/mo
+$752/mo- Down payment
- $25,260
- Funds due
- $32,411
- Interest + MI left
- $333,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,640 | $144,640 | $219,640 |
| Second mortgage | — | $75,000 | — |
| First P&I | $696.64 | $696.64 | $1,520.74 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $116.15 | $116.15 | $43.93 |
| Taxes, insurance & HOA | $296.83 | $296.83 | $296.83 |
| Total housing payment | $1,109.62 | $1,713.09 | $1,861.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,260
Closing costs & prepaids$10,426
Usable credit−$0
Total buyer cash needed$35,685
Earnest money paid−$0
Remaining funds due$35,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$440.50
Prepaid interest, first (2 days)$24.25
Prepaid interest, second (2 days)$36.99
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$25,250Through Nov 2026
Assumption only · ends Jul 2051$81,580
Assumption + second · ends Jul 2051, second Dec 2056$223,828
New conventional · ends Dec 2056$333,011