Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $96,628
- Funds due
- $106,331
- Interest + MI left
- $113,014
- First ends
- Aug 2051
Assumption
Assumption + second
$1,926/mo
+$531/mo- Down payment
- $30,628
- Funds due
- $41,728
- Interest + MI left
- $238,192
- First ends
- Aug 2051
New loan
New conventional
$2,127/mo
+$732/mo- Down payment
- $30,628
- Funds due
- $38,545
- Interest + MI left
- $389,373
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,372 | $200,372 | $266,372 |
| Second mortgage | — | $66,000 | — |
| First P&I | $965.07 | $965.07 | $1,804.50 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $160.90 | $160.90 | $53.27 |
| Taxes, insurance & HOA | $268.83 | $268.83 | $268.83 |
| Total housing payment | $1,394.80 | $1,925.85 | $2,126.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,628
Closing costs & prepaids$11,099
Usable credit−$0
Total buyer cash needed$41,728
Earnest money paid−$0
Remaining funds due$41,728
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,970.00
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)$356.50
Prepaid interest, first (9 days)$151.18
Prepaid interest, second (9 days)$146.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 3.06%
Interest already paid$34,980Through Dec 2026
Assumption only · ends Aug 2051$113,014
Assumption + second · ends Aug 2051, second Jan 2057$238,192
New conventional · ends Jan 2057$389,373