Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,063/mo
Lowest payment- Down payment
- $139,422
- Funds due
- $148,893
- Interest + MI left
- $81,191
- First ends
- Jun 2051
Assumption
Assumption + second
$1,878/mo
+$814/mo- Down payment
- $28,422
- Funds due
- $39,362
- Interest + MI left
- $263,403
- First ends
- Jun 2051
New loan
New conventional
$2,017/mo
+$953/mo- Down payment
- $28,422
- Funds due
- $36,144
- Interest + MI left
- $367,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,578 | $140,578 | $251,578 |
| Second mortgage | — | $111,000 | — |
| First P&I | $688.23 | $688.23 | $1,704.28 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $113.15 | $113.15 | $50.32 |
| Taxes, insurance & HOA | $262.00 | $262.00 | $262.00 |
| Total housing payment | $1,063.39 | $1,877.87 | $2,016.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,422
Closing costs & prepaids$10,940
Usable credit−$0
Total buyer cash needed$39,362
Earnest money paid−$0
Remaining funds due$39,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$336.00
Prepaid interest, first (9 days)$109.88
Prepaid interest, second (9 days)$218.96
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 6 moOf the original 30-year loan at 3.17%
Interest already paid$26,255Through Dec 2026
Assumption only · ends Jun 2051$81,191
Assumption + second · ends Jun 2051, second Jan 2057$263,403
New conventional · ends Jan 2057$367,798