Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,431/mo
Lowest payment- Down payment
- $42,246
- Funds due
- $51,483
- Interest + MI left
- $117,417
- First ends
- Oct 2051
Assumption
Assumption + second
$1,727/mo
+$296/mo- Down payment
- $13,246
- Funds due
- $23,818
- Interest + MI left
- $194,801
- First ends
- Oct 2051
New loan
New conventional
$1,938/mo
+$507/mo- Down payment
- $13,246
- Funds due
- $20,823
- Interest + MI left
- $354,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,754 | $212,754 | $241,754 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,009.04 | $1,009.04 | $1,637.73 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $170.40 | $170.40 | $48.35 |
| Taxes, insurance & HOA | $252.00 | $252.00 | $252.00 |
| Total housing payment | $1,431.43 | $1,726.95 | $1,938.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,246
Closing costs & prepaids$10,571
Usable credit−$0
Total buyer cash needed$23,818
Earnest money paid−$0
Remaining funds due$23,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Prepaid interest, first (9 days)$155.28
Prepaid interest, second (9 days)$84.91
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 2.96%
Interest already paid$34,752Through Dec 2026
Assumption only · ends Oct 2051$117,417
Assumption + second · ends Oct 2051, second Jan 2057$194,801
New conventional · ends Jan 2057$354,741