Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,324/mo
Lowest payment- Down payment
- $85,833
- Funds due
- $95,342
- Interest + MI left
- $95,639
- First ends
- Dec 2051
Assumption
Assumption + second
$1,798/mo
+$475/mo- Down payment
- $26,833
- Funds due
- $37,621
- Interest + MI left
- $207,541
- First ends
- Dec 2051
New loan
New conventional
$2,032/mo
+$708/mo- Down payment
- $26,833
- Funds due
- $34,341
- Interest + MI left
- $354,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,667 | $174,667 | $233,667 |
| Second mortgage | — | $59,000 | — |
| First P&I | $817.38 | $817.38 | $1,617.86 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $139.10 | $139.10 | $46.73 |
| Taxes, insurance & HOA | $367.08 | $367.08 | $367.08 |
| Total housing payment | $1,323.56 | $1,798.29 | $2,031.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,833
Closing costs & prepaids$10,788
Usable credit−$0
Total buyer cash needed$37,621
Earnest money paid−$0
Remaining funds due$37,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,605.00
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)$651.25
Prepaid interest, first (2 days)$27.76
Prepaid interest, second (2 days)$29.10
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 1 moOf the original 30-year loan at 2.900%
Interest already paid$26,515Through Nov 2026
Assumption only · ends Dec 2051$95,639
Assumption + second · ends Dec 2051, second Dec 2056$207,541
New conventional · ends Dec 2056$354,278