Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,344/mo
Lowest payment- Down payment
- $51,133
- Funds due
- $59,823
- Interest + MI left
- $169,025
- First ends
- Dec 2052
Assumption
Assumption + second
$1,593/mo
+$249/mo- Down payment
- $20,133
- Funds due
- $30,088
- Interest + MI left
- $227,821
- First ends
- Dec 2052
New loan
New conventional
$1,570/mo
+$226/mo- Down payment
- $20,133
- Funds due
- $26,845
- Interest + MI left
- $272,780
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,867 | $148,867 | $179,867 |
| Second mortgage | — | $31,000 | — |
| First P&I | $943.93 | $943.93 | $1,245.36 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $111.28 | $111.28 | $35.97 |
| Taxes, insurance & HOA | $288.58 | $288.58 | $288.58 |
| Total housing payment | $1,343.79 | $1,593.22 | $1,569.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,133
Closing costs & prepaids$9,955
Usable credit−$0
Total buyer cash needed$30,088
Earnest money paid−$0
Remaining funds due$30,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$415.75
Prepaid interest, first (2 days)$49.11
Prepaid interest, second (2 days)$15.29
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 closing26 yr 1 moOf the original 30-year loan at 6.020%
Interest already paid$36,130Through Nov 2026
Assumption only · ends Dec 2052$169,025
Assumption + second · ends Dec 2052, second Dec 2056$227,821
New conventional · ends Dec 2056$272,780