Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,118/mo
Lowest payment- Down payment
- $54,706
- Funds due
- $63,453
- Interest + MI left
- $86,462
- First ends
- Oct 2051
Assumption
Assumption + second
$1,384/mo
+$266/mo- Down payment
- $21,706
- Funds due
- $31,776
- Interest + MI left
- $149,052
- First ends
- Oct 2051
New loan
New conventional
$1,584/mo
+$466/mo- Down payment
- $21,706
- Funds due
- $28,664
- Interest + MI left
- $282,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,294 | $160,294 | $193,294 |
| Second mortgage | — | $33,000 | — |
| First P&I | $753.61 | $753.61 | $1,309.44 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $128.58 | $128.58 | $38.66 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $1,118.18 | $1,383.71 | $1,584.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,706
Closing costs & prepaids$10,070
Usable credit−$0
Total buyer cash needed$31,776
Earnest money paid−$0
Remaining funds due$31,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Prepaid interest, first (9 days)$113.83
Prepaid interest, second (9 days)$73.23
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$25,496Through Dec 2026
Assumption only · ends Oct 2051$86,462
Assumption + second · ends Oct 2051, second Jan 2057$149,052
New conventional · ends Jan 2057$282,628