Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,137/mo
Lowest payment- Down payment
- $61,162
- Funds due
- $70,041
- Interest + MI left
- $78,120
- First ends
- Aug 2051
Assumption
Assumption + second
$1,467/mo
+$330/mo- Down payment
- $20,162
- Funds due
- $30,312
- Interest + MI left
- $155,883
- First ends
- Aug 2051
New loan
New conventional
$1,642/mo
+$504/mo- Down payment
- $20,162
- Funds due
- $27,090
- Interest + MI left
- $272,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,838 | $138,838 | $179,838 |
| Second mortgage | — | $41,000 | — |
| First P&I | $665.74 | $665.74 | $1,245.16 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $111.28 | $111.28 | $35.97 |
| Taxes, insurance & HOA | $360.42 | $360.42 | $360.42 |
| Total housing payment | $1,137.44 | $1,467.33 | $1,641.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,162
Closing costs & prepaids$10,150
Usable credit−$0
Total buyer cash needed$30,312
Earnest money paid−$0
Remaining funds due$30,312
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)$631.25
Prepaid interest, first (2 days)$23.13
Prepaid interest, second (2 days)$20.22
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 9 moOf the original 30-year loan at 3.040%
Interest already paid$23,678Through Nov 2026
Assumption only · ends Aug 2051$78,120
Assumption + second · ends Aug 2051, second Dec 2056$155,883
New conventional · ends Dec 2056$272,736