Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,168/mo
Lowest payment- Down payment
- $92,914
- Funds due
- $102,146
- Interest + MI left
- $85,021
- First ends
- Dec 2051
Assumption
Assumption + second
$1,707/mo
+$539/mo- Down payment
- $25,914
- Funds due
- $36,429
- Interest + MI left
- $212,096
- First ends
- Dec 2051
New loan
New conventional
$1,907/mo
+$739/mo- Down payment
- $25,914
- Funds due
- $33,153
- Interest + MI left
- $339,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,086 | $157,086 | $224,086 |
| Second mortgage | — | $67,000 | — |
| First P&I | $731.86 | $731.86 | $1,551.53 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $125.19 | $125.19 | $44.82 |
| Taxes, insurance & HOA | $310.67 | $310.67 | $310.67 |
| Total housing payment | $1,167.72 | $1,706.81 | $1,907.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,914
Closing costs & prepaids$10,515
Usable credit−$0
Total buyer cash needed$36,429
Earnest money paid−$0
Remaining funds due$36,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$482.00
Prepaid interest, first (2 days)$24.62
Prepaid interest, second (2 days)$33.04
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 closing25 yr 1 moOf the original 30-year loan at 2.860%
Interest already paid$23,526Through Nov 2026
Assumption only · ends Dec 2051$85,021
Assumption + second · ends Dec 2051, second Dec 2056$212,096
New conventional · ends Dec 2056$339,752