Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $52,726
- Funds due
- $61,346
- Interest + MI left
- $82,966
- First ends
- Aug 2051
Assumption
Assumption + second
$1,332/mo
+$257/mo- Down payment
- $20,726
- Funds due
- $30,667
- Interest + MI left
- $143,659
- First ends
- Aug 2051
New loan
New conventional
$1,510/mo
+$436/mo- Down payment
- $20,726
- Funds due
- $27,553
- Interest + MI left
- $267,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,274 | $151,274 | $183,274 |
| Second mortgage | — | $32,000 | — |
| First P&I | $720.74 | $720.74 | $1,241.56 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $121.71 | $121.71 | $36.65 |
| Taxes, insurance & HOA | $231.58 | $231.58 | $231.58 |
| Total housing payment | $1,074.04 | $1,331.52 | $1,509.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,726
Closing costs & prepaids$9,941
Usable credit−$0
Total buyer cash needed$30,667
Earnest money paid−$0
Remaining funds due$30,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,040.00
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)$244.75
Prepaid interest, first (9 days)$110.41
Prepaid interest, second (9 days)$71.01
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 2.96%
Interest already paid$25,572Through Dec 2026
Assumption only · ends Aug 2051$82,966
Assumption + second · ends Aug 2051, second Jan 2057$143,659
New conventional · ends Jan 2057$267,940