Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $80,982
- Funds due
- $90,059
- Interest + MI left
- $84,840
- First ends
- Feb 2051
Assumption
Assumption + second
$1,637/mo
+$443/mo- Down payment
- $25,982
- Funds due
- $36,323
- Interest + MI left
- $189,155
- First ends
- Feb 2051
New loan
New conventional
$1,859/mo
+$664/mo- Down payment
- $25,982
- Funds due
- $33,032
- Interest + MI left
- $339,497
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,918 | $168,918 | $223,918 |
| Second mortgage | — | $55,000 | — |
| First P&I | $792.59 | $792.59 | $1,550.36 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $138.24 | $138.24 | $44.78 |
| Taxes, insurance & HOA | $263.58 | $263.58 | $263.58 |
| Total housing payment | $1,194.41 | $1,636.95 | $1,858.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,982
Closing costs & prepaids$10,341
Usable credit−$0
Total buyer cash needed$36,323
Earnest money paid−$0
Remaining funds due$36,323
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)$340.75
Prepaid interest, first (1 days)$12.54
Prepaid interest, second (1 days)$13.56
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 closing24 yr 3 moOf the original 30-year loan at 2.710%
Interest already paid$28,449Through Nov 2026
Assumption only · ends Feb 2051$84,840
Assumption + second · ends Feb 2051, second Dec 2056$189,155
New conventional · ends Dec 2056$339,497