Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$997/mo
Lowest payment- Down payment
- $112,221
- Funds due
- $121,240
- Interest + MI left
- $74,952
- First ends
- Dec 2051
Assumption
Assumption + second
$1,697/mo
+$700/mo- Down payment
- $25,221
- Funds due
- $35,512
- Interest + MI left
- $239,959
- First ends
- Dec 2051
New loan
New conventional
$1,845/mo
+$848/mo- Down payment
- $25,221
- Funds due
- $32,223
- Interest + MI left
- $340,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,679 | $137,679 | $224,679 |
| Second mortgage | — | $87,000 | — |
| First P&I | $642.87 | $642.87 | $1,555.63 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $109.68 | $109.68 | $44.94 |
| Taxes, insurance & HOA | $244.75 | $244.75 | $244.75 |
| Total housing payment | $997.30 | $1,697.32 | $1,845.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,221
Closing costs & prepaids$10,291
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%)$2,499.00
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)$284.25
Prepaid interest, first (1 days)$10.86
Prepaid interest, second (1 days)$21.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.880%
Interest already paid$20,760Through Nov 2026
Assumption only · ends Dec 2051$74,952
Assumption + second · ends Dec 2051, second Dec 2056$239,959
New conventional · ends Dec 2056$340,741