Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$641/mo
Lowest payment- Down payment
- $62,863
- Funds due
- $70,715
- Interest + MI left
- $43,609
- First ends
- Jul 2051
Assumption
Assumption + second
$1,027/mo
+$386/mo- Down payment
- $14,863
- Funds due
- $24,071
- Interest + MI left
- $134,648
- First ends
- Jul 2051
New loan
New conventional
$1,079/mo
+$438/mo- Down payment
- $14,863
- Funds due
- $20,929
- Interest + MI left
- $182,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,137 | $77,137 | $125,137 |
| Second mortgage | — | $48,000 | — |
| First P&I | $373.17 | $373.17 | $847.72 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $62.06 | $62.06 | $25.03 |
| Taxes, insurance & HOA | $206.00 | $206.00 | $206.00 |
| Total housing payment | $641.23 | $1,027.44 | $1,078.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,863
Closing costs & prepaids$9,208
Usable credit−$0
Total buyer cash needed$24,071
Earnest money paid−$0
Remaining funds due$24,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$168.00
Prepaid interest, first (9 days)$58.58
Prepaid interest, second (9 days)$106.52
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 7 moOf the original 30-year loan at 3.08%
Interest already paid$13,780Through Dec 2026
Assumption only · ends Jul 2051$43,609
Assumption + second · ends Jul 2051, second Jan 2057$134,648
New conventional · ends Jan 2057$182,896