Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,380/mo
Lowest payment- Down payment
- $101,560
- Funds due
- $111,291
- Interest + MI left
- $109,108
- First ends
- Jul 2051
Assumption
Assumption + second
$1,951/mo
+$571/mo- Down payment
- $30,560
- Funds due
- $41,698
- Interest + MI left
- $243,769
- First ends
- Jul 2051
New loan
New conventional
$2,149/mo
+$770/mo- Down payment
- $30,560
- Funds due
- $38,516
- Interest + MI left
- $393,912
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,440 | $198,440 | $269,440 |
| Second mortgage | — | $71,000 | — |
| First P&I | $949.69 | $949.69 | $1,825.28 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $159.97 | $159.97 | $53.89 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,379.66 | $1,950.94 | $2,149.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,560
Closing costs & prepaids$11,138
Usable credit−$0
Total buyer cash needed$41,698
Earnest money paid−$0
Remaining funds due$41,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$145.81
Prepaid interest, second (9 days)$157.56
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 2.98%
Interest already paid$34,336Through Dec 2026
Assumption only · ends Jul 2051$109,108
Assumption + second · ends Jul 2051, second Jan 2057$243,769
New conventional · ends Jan 2057$393,912