Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,068/mo
Lowest payment- Down payment
- $129,089
- Funds due
- $138,556
- Interest + MI left
- $63,385
- First ends
- Jan 2051
Assumption
Assumption + second
$1,831/mo
+$763/mo- Down payment
- $25,089
- Funds due
- $35,852
- Interest + MI left
- $234,107
- First ends
- Jan 2051
New loan
New conventional
$1,993/mo
+$925/mo- Down payment
- $25,089
- Funds due
- $32,577
- Interest + MI left
- $340,941
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,811 | $120,811 | $224,811 |
| Second mortgage | — | $104,000 | — |
| First P&I | $578.10 | $578.10 | $1,556.55 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $98.76 | $98.76 | $44.96 |
| Taxes, insurance & HOA | $391.17 | $391.17 | $391.17 |
| Total housing payment | $1,068.03 | $1,831.15 | $1,992.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,089
Closing costs & prepaids$10,762
Usable credit−$0
Total buyer cash needed$35,852
Earnest money paid−$0
Remaining funds due$35,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$723.50
Prepaid interest, first (2 days)$19.00
Prepaid interest, second (2 days)$45.59
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 2 moOf the original 30-year loan at 2.870%
Interest already paid$21,850Through Nov 2026
Assumption only · ends Jan 2051$63,385
Assumption + second · ends Jan 2051, second Dec 2056$234,107
New conventional · ends Dec 2056$340,941