Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $51,665
- Funds due
- $61,083
- Interest + MI left
- $98,911
- First ends
- Oct 2051
Assumption
Assumption + second
$1,653/mo
+$225/mo- Down payment
- $23,665
- Funds due
- $34,347
- Interest + MI left
- $152,017
- First ends
- Oct 2051
New loan
New conventional
$1,927/mo
+$500/mo- Down payment
- $23,665
- Funds due
- $31,104
- Interest + MI left
- $320,504
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,335 | $183,335 | $211,335 |
| Second mortgage | — | $28,000 | — |
| First P&I | $859.01 | $859.01 | $1,463.24 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $146.75 | $146.75 | $42.27 |
| Taxes, insurance & HOA | $421.58 | $421.58 | $421.58 |
| Total housing payment | $1,427.35 | $1,652.64 | $1,927.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,665
Closing costs & prepaids$10,682
Usable credit−$0
Total buyer cash needed$34,347
Earnest money paid−$0
Remaining funds due$34,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$814.75
Prepaid interest, first (2 days)$28.83
Prepaid interest, second (2 days)$13.81
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$28,557Through Nov 2026
Assumption only · ends Oct 2051$98,911
Assumption + second · ends Oct 2051, second Dec 2056$152,017
New conventional · ends Dec 2056$320,504