Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,091/mo
Lowest payment- Down payment
- $107,006
- Funds due
- $116,222
- Interest + MI left
- $72,395
- First ends
- Apr 2051
Assumption
Assumption + second
$1,750/mo
+$660/mo- Down payment
- $25,006
- Funds due
- $35,512
- Interest + MI left
- $227,920
- First ends
- Apr 2051
New loan
New conventional
$1,906/mo
+$815/mo- Down payment
- $25,006
- Funds due
- $32,241
- Interest + MI left
- $339,702
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,994 | $141,994 | $223,994 |
| Second mortgage | — | $82,000 | — |
| First P&I | $665.21 | $665.21 | $1,550.89 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $115.57 | $115.57 | $44.80 |
| Taxes, insurance & HOA | $309.83 | $309.83 | $309.83 |
| Total housing payment | $1,090.61 | $1,750.40 | $1,905.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,006
Closing costs & prepaids$10,506
Usable credit−$0
Total buyer cash needed$35,512
Earnest money paid−$0
Remaining funds due$35,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$479.50
Prepaid interest, first (2 days)$21.32
Prepaid interest, second (2 days)$40.44
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$23,407Through Nov 2026
Assumption only · ends Apr 2051$72,395
Assumption + second · ends Apr 2051, second Dec 2056$227,920
New conventional · ends Dec 2056$339,702