Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $97,778
- Funds due
- $106,363
- Interest + MI left
- $105,665
- First ends
- Jul 2052
Assumption
Assumption + second
$1,577/mo
+$612/mo- Down payment
- $21,778
- Funds due
- $31,650
- Interest + MI left
- $249,810
- First ends
- Jul 2052
New loan
New conventional
$1,567/mo
+$601/mo- Down payment
- $21,778
- Funds due
- $28,390
- Interest + MI left
- $285,376
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,222 | $112,222 | $188,222 |
| Second mortgage | — | $76,000 | — |
| First P&I | $654.10 | $654.10 | $1,303.21 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $85.33 | $85.33 | $37.64 |
| Taxes, insurance & HOA | $226.25 | $226.25 | $226.25 |
| Total housing payment | $965.69 | $1,577.20 | $1,567.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,778
Closing costs & prepaids$9,873
Usable credit−$0
Total buyer cash needed$31,650
Earnest money paid−$0
Remaining funds due$31,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$228.75
Prepaid interest, first (2 days)$31.36
Prepaid interest, second (2 days)$37.48
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 closing25 yr 8 moOf the original 30-year loan at 5.100%
Interest already paid$25,764Through Nov 2026
Assumption only · ends Jul 2052$105,665
Assumption + second · ends Jul 2052, second Dec 2056$249,810
New conventional · ends Dec 2056$285,376